Dogecoin (DOGE) no longer maintains its position as the 10th largest cryptocurrency by market capitalization. The meme token was dislodged by Polkadot (DOT), sending it to number 11 in the rankings. DOGE still maintained its market worth of $9.28 billion, but DOT has climbed to $9.62 billion in the market.
DOGE Remains Unchanged Despite Positive News
The price of DOGE has remained stagnant despite some positive news over the week about a new update. There has also been renewed support by Chief Executive Officer of Tesla Elon Musk, while more exchanges have listed the crypto assets. Dogecoin co-developer Michi Lumin recently announced the release of the C library of DOGE building stocks called Libdogecoin. Yet, these positive developments have not had an impact on the price of the token.
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The new feature will enable the lightweight integration of DOGE into several platforms. It was designed to ensure ease of use by developers even when they don’t have in-depth knowledge.
Elon Musk Reiterates His Support For Dogecoin
Elon Musk has been a staunch supporter and enthusiast of Dogecoin. His constant positive tweets about the meme taken over the past year have impacted positively the price of the token. He has once again spoken about Dogecoin, vocalizing his support for the token during a recent appearance on the “Full Send” podcast.
“I’m mainly supporting Doge, frankly”, Musk said, while answering questions about cryptocurrencies. He gave one of his reasons for his support, saying it had “memes and dogs.”
One of the main arguments about Dogecoin is its lack of strong backing from an existing asset class or platform like Ethereum. However, Musk argued that Dogecoin also has real utility. He also stated that DOGE has a larger transaction capacity than Bitcoin. The crypto market is still in its bear zone as it keeps getting bedeviled by macroeconomic issues. However, several experts have predicted that the market is close to bouncing back to its bull levels.