Dogecoin (DOGE) was recently ousted from the top cryptocurrency list by Polkadot (DOT) as it became the 11th largest cryptocurrency by market capitalization. DOGE’s market value now stands at $9.28 billion after sadly abandoning the position currently held by Polkadot with a market value of $9.62 billion.
As of this writing, according to CoinMarketCap, the price of DOGE is down 1.09%, or 0.06899.
DOGE prices were flat despite growing positive sentiment in the cryptocurrency market, supported by Elon Musk and others. Dogecoin developer Michi Lumin recently announced the release of his C library for his DOGE building blocks, created as Libdogecoin. This library allows Dogecoin to integrate with various platforms.
Elon Musk says DOGE has real value
In one of his appearances on the Full Send podcast, billionaire entrepreneur and Tesla CEO Elon Musk reiterated his unwavering support for DOGE. “Honestly, I mostly support Doge,” Musk said.
Musk reiterated that Dogecoin is just a dog meme he is not a coin. No kidding, because it has real utility. He also said that DOGE has a much higher trading volume compared to Bitcoin. Since the beginning of August, the DOGE price has not moved much as it has been hampered at $0.075. The crypto market seems to be in a coma as it is plagued by a number of macroeconomic issues.
However, other meme projects have no utility value, and the price of the token is mainly influenced by social media and popularity votes from influencers and other celebrities, so investors should invest in these dog meme his coins. I am not confident in investing for the long term.
Dogecoin Lags Behind
DOGE is slow to grow. The DOGE price in early July is $0.066. SHIB increased by 17%, while DOGE’s price increased by only 1.4%. The market cap of the DOGE token increased slightly from $8.77 billion to just $9.06 billion.
As of July 31st, DOGE had 73,800 active addresses, up by up to 13%, to nearly 105,000 addresses as of July 28th. DOGE ended July with a 96% or 1.53 DOGE volume drop.
DOGE’s social advantage jumped 8.49% after the price surged to $0.75. DOGE’s price plummeted 61%, while social advantage plummeted 3.3%. DOGE’s social volume continued to decline by up to 63%. Development transactions within the Dogecoin network increased by 80% despite no ecosystem updates.