Dogecoin now ranks as 11th largest cryptocurrency
Dogecoin has been ousted from the top 10 cryptocurrencies by market capitalization by Polkadot (DOT). Dogecoin now ranks as the 11th largest cryptocurrency, with a market cap of $9.28 billion, after dropping its earlier 10th spot to Polkadot, which now has a market cap of $9.62 billion.
During the week, Japanese cryptocurrency exchange Bitbank added support for the duo of Dogecoin (DOGE) and Polkadot (DOT), as reported.
Dogecoin price remains in range
The price of Dogecoin has remained largely unchanged despite positive news in the week highlighted by a new release, exchange listing and renewed support from Tesla CEO, Elon Musk.
As reported by U.Today, Michi Lumin, Dogecoin core developer, has announced the initial release of Libdogecoin, a C library of Dogecoin building blocks. Without the requirement for developers to have in-depth knowledge of blockchain technology, Libdogecoin is a C library that enables lightweight direct integration of Dogecoin into several platforms.
During a recent appearance on the “Full Send” podcast, Tesla CEO Elon Musk reiterated his support for Dogecoin. Responding to a question on cryptocurrency, Musk said, “I am primarily supporting Doge, frankly,” adding that there were “memes and dogs.”
Musk asserts that despite being intended as a “ridiculous joke currency,” Dogecoin has “real utility.” He stated that compared to Bitcoin, Dogecoin has a larger transaction capacity.
At the time of publication, Dogecoin was priced at $0.069, a slight increase from the previous day. Since the beginning of August, its price has been stuck in a range due to the $0.075 resistance. General cryptocurrency price action remains sluggish as the cryptocurrency market continues to be plagued by macroeconomic concerns.
