Dogecoin has seen abysmal performance in the last year, even while the likes of Bitcoin and Ethereum went on to hit new yearly highs. On the back of this poor performance, other altcoins have been creeping up in their market cap to challenge Dogecoin’s position in the top 10 cryptocurrencies by market cap list. And now, after another week of stalling behind the market, Dogecoin has lost its position on this list.
Dogecoin Loses 10th Spot To Tron (TRX)
Justin Sun’s Tron and its native TRX token have been on a bullish run over the last year. It has risen almost 200% from its 2023 lows of $0.05, and this has sent its market cap rocking. At the same time, the Dogecoin price has failed to follow this growth path, and has instead stalled.
The result of Dogecoin’s sluggish performance is a decrease in its market cap compared to the market cap of other large cap altcoins. While DOGE was able to hold the 10th position for the better part of 2023, the new year has not been as favorable.
Tron’s market cap crossed the $12 billion threshold after a 5% increase in the price over the last week. This quickly put it ahead of Dogecoin, which continues to struggle in the market. Tron’s market cap is currently sitting at $12.25 billion, while Dogecoin has an $11.98 billion market cap.
Meme Coins Fail To Impress
Meme coins such as Dogecoin have not seen the best performance in the last few months. Where a lot of altcoins have been recovering and doing 50% rallies, meme coins have failed to follow the same trend. DOGE, for one, is down 3.6% in the last week alone.
Moving on to other meme coins, Shiba Inu, the second-largest cryptocurrency by market cap, has followed the same trend, falling 4.7% in the last week alone. In the same vein, Solana-based BONK is down 14% in the last seven days as well.
However, DOGE could be headed for better days as there has been an uptick in its unchain activity. In the month of February, the meme coin’s transaction count has exploded, with more than 1 million transactions carried out daily.
This surge in the daily transaction count suggests a growing interest in the meme coin. If this interest continues to rise, it could translate to buy pressure on the coin, thereby leading to a surge in the DOGE price as a result.