Dogecoin falls out of the top 10 cryptocurrencies due to the growth of the Polkadot cryptocurrency token

The meme cryptocurrency Dogecoin has lost its status as a member of the top 10 cryptocurrencies by market capitalization due to the Polkadot (DOT) token. Dogecoin now ranks 11th with a market value of $ 9.21 billion, losing out to Polkadot with a market capitalization of $ 9.68 billion.

Recently, Tesla CEO Elon Musk reiterated his support for Dogecoin on the Full Send podcast. In response to a question about cryptocurrencies, Musk said that he «supports Doge mostly.» MacK claims that despite the fact that Dogecoin is intended as a «meme currency for jokes,» it «has real value.» He points out that Dogecoin has a large transaction capacity compared to bitcoin.

Musk also recalled that Dogecoin’s inflationary model allows for the issuance of 5 billion coins annually, while the number of bitcoins is limited to 21 million. And this, according to Musk, makes DOGE much more suitable for use as a currency.