After securing his place in the name of The second largest blockchain for prisoners of warAnd the Dogecoin viewer on Point Where it managed to regain the tenth place in terms of market value.
But the question is: will the meme coin continue to grow?
Dogecoin lost its position as one of the best coins by market cap and fell to number 14 CoinMarketCap.
But since September 18, DOGE has replaced Polkadot. The difference between their market values was $570.249 million.
Doji bites again
One of the reasons for the growth of DOGE can be attributed to the fact that the meme coin has seen an increase in volume over the past few days.
The trading volume has grown from 202.16 million all the way to 344.45 million at the time of writing.
But the story does not end there, the coin has seen a rise in the number of active titles as well. The titles went from 113K on September 15th to 120K on September 18th.
As shown in the image below, DOGE’s speed has also been dramatically increased. Thus it indicates that meme currency is used in transactions quite often.
Another community that may be interested in DOGE is the miners community. As Dogecoin has become the second largest POW chain, it could generate a lot of interest from loyalists and miners.
In fact, the hash of Dogecoin has by 4.01% during the past week. This indicates that the blockchain is more secure and that this development could attract more miners.
But all is not well for DOGE at the moment. Dogecoin lost some files Social media popularity. In the past month, DOGE’s social mentions have fallen by 29.02% and their social engagement has fallen by -39.52%.
The devaluation of a social media presence could have a negative impact on the future of memecoin.
In addition, whales have also lost interest in memecoin in the past month. The number of titles with balances in excess of USD 1 million has decreased. The number of portfolios is down 12.48% in the past 30 days.
But the 10th rank rape shouldn’t be attributed solely to DOGE’s performance.
Polkadot’s poor performance also played a role in this event, and Polkadot has seen one Reduce their presence on social media saw one tip of its volatility. This may be the reason why many investors have lost faith in the token.
Although things look favorable for Dogecoin, traders are advised to proceed with caution, as meme coins are known to be highly volatile.
Characters like Elon Musk, who are known to have influenced the price of DOGE in the past, can change the course of the currency through any new update.