Dogecoin still a top ten crypto 8 years later

Dogecoin may have been created as a joke, but the crypto-asset has remarkable resilience. DOGE prices are currently trending down, but there could be a reversal soon.

Dogecoin is one of the stalwarts of the crypto markets. It has been around since 2013 and continues to be a favorite among crypto lovers.

Proof of its longevity lies in its position in the crypto top ten by market capitalization. Dogecoin climbed to a top-ten ranked crypto one year after its creation.

According to CoinMarketCap, DOGE was ranked sixth on the stock exchange charts this time 8 years ago. Back then it had a total cap of almost 19 million dollars, today it is closer to 12 billion dollars.

Furthermore, DOGE is still in the crypto top ten, currently ranked eighth.

Dogecoin lives on

Additionally, all but two of the coins (except DOGE) that were in the top ten in 2014 remain there today. These are Bitcoin (BTC) and Ripple (XRP).

The rest have either collapsed or fallen into obscurity. They include BitShares (BTS), MaidSafeCoin (MAID), NXT, Peercoin (PPC) and Counterparty (XCP).

Dogecoin’s on-chain activity is going through a bit of a quiet period. The daily average number of transactions on the network is around 21,750, according to IntoTheBlock. Nevertheless, this is still fairly similar to what it was this time last year, and shows consistent network usage.

Furthermore, total addresses with a balance today are 4.17 million. They have fallen 8.3% from their all-time high of 4.55 million in February.

There has been a slight increase in new addresses of 21% in the last week. Daily active addresses have increased by almost 9% over the past seven days.

Daily transaction volume is currently 12 billion DOGE, which is slightly down from the seven-day average of 15 billion.

Price outlook

DOGE prices have lost 2% on the day as markets see red this Friday. As a result, the meme coin fell to $0.085 at press time.

DOGE has been trending lower for the past two weeks, losing nearly 16% in that period.

DOGE/USD Price 1 Month – BeInCrypto

The Shiba Inu-inspired coin is currently down 88.2% from its May 2021 record high of $0.731. The Dogecoin Twittersphere is all hoping that Elon Musk will enable DOGE payments on his newly acquired social media network.

However, this is unlikely in the short term, given the current state of the crypto ecosystem and the regulatory wrath that has followed.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for missing facts or inaccurate information. You comply and understand that you should use this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.

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