Dogecoin Overtakes Polkadot In Market Capitalization

Dogecoin managed to move Polkadot from the top 10 of the largest crypto. (Photo; Doc. Pixabay)

JAKARTA – The cryptocurrency meme Dogecoin (DOGE) recently successfully entered the top 10 cryptocurrencies based on market capitalization. DOGE managed to overthrow Polkadot (DOT) from 10th position in the ranks of the largest cryptocurrencies in the world.

Currently, the difference in valuation between the two coins, DOGE and DOT, is around 2.3 billion US dollars. DOGE reclaimed the position helped by a drop in DOT price of more than 11 percent over the past week, which was a remarkable drop even against the backdrop of general negative sentiment in the crypto market.

In other words, it is more likely that Polkadot has lost its position than Dogecoin which has been driving its own growth. However, Dogecoin is now the second largest cryptocurrency operating on a proof-of-work (PoW) consensus after Bitcoin, and being near the top of the current crypto market makes sense.

At the time of writing, Dogecoin's market capitalization is in the range of IDR 113 quadrillion. Meanwhile, Polkadot's market cap is IDR 111 quadrillion. Based on Coingecko's data, DOGE is trading at IDR 853 and DOT at IDR 96,261. They decreased by 8.1 percent and 8.7 percent respectively in the last 24 hours.

The emergence of Dogecoin (DOGE)

Dogecoin uses the adorable Shiba Inu dog from Japan which was once famous as a popular meme in 2013. The writing on the coin also uses the Comic Sans font.

At first, Billy Markus who is a programmer from the International Business Machines Corporation (IBM) planned to make Dogecoin with the aim of being a joke. However, it turns out that Markus had personal reasons for the coin.

Launching from the Binance blog, Markus reasoned that a cryptocurrency that is light as a joke will have a greater chance of attracting attention (many parties) than Bitcoin.

At the same time, Jackson Palmer from the technology company Adobe is interested in investing his funds into DOGE. Then Billy Markus created the website dogecoin.com.

After visiting the page, Billy Markus contacted Palmer to cooperate in the development of the coin that is popular today. Dogecoin has received a positive response since it first appeared on December 6, 2013.

This cryptocurrency immediately spread on various social media. This pushed its market capitalization up to touch millions of US dollars. One of the richest people on Earth, Elon Musk is a proponent of this DOGE meme coin.