Can DOGE return to the top 10?

The king of the coin meme, DOGE, was recently dropped from the top 10 crypto list after DOT overtook it. Apparently, this altcoin is not backing down and is fighting to regain the 10th spot. At the time of writing, the difference between the market capitalizations of DOT and DOGE is only $400 million.

DOGE will recover what was lost?

Judging by the state of the market, it looks like DOGE will do that pretty soon, as it’s really getting some attention from the DOGEfather. Elon Musk’s popular Tesla company has displayed DOGE as a possible payment method for several products on their store page. For example, the 300 DOGE limited edition stainless steel collector’s whistle. As people say, “If it’s not crazy, it’s not crypto.”


The whistle is worth 300 DOGE | The source: Tesla

However, this idea seems to be succeeding when it receives a positive response from the community. Not only is the company’s social media exploding, but the coin’s price is also going up and potentially breaking the downtrend.

Trading at $0.187 and up almost 40%, the coin is currently hovering in a key zone and also where it attempted to consolidate previously. But if the price can test the upper trendline as support, expect it to continue in a good state.


DOGE price action | The source: TradingView

While the events above acted as a catalyst, the DOGE rally was probably actually driven by the network’s bullish performance.

On-chain analysis shows us that demand has increased since the beginning of 2022. Within 10 days, the network doubled its transaction activity.


DOGE transactions | The source: Coinmetrics

Another good news is that DOGE whale activity is dwindling. Their positive performance throughout December is a cause for concern as transactions almost hit $28 billion in a single day.

This month, that same figure has dropped to just $1.13 billion, and investors hope to continue to do so.


DOGE Whale Activity | The source: Intotheblock

As a result, these events combined have helped increase the value of the 11th-ranked altcoin by capitalization once again. From that, it can be drawn that DOGE is proving how it continues to be a socially dependent token and still needs a more functional platform to address larger problems/needs in the future. future.


Market Value DOGE | The source: Coinmetrics

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Minh Anh

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