Summary
Dogecoin has fallen out of the top 10 cryptocurrencies by market cap for the first time in over a year, as newer memecoins gain buzz. TRX has surpassed Dogecoin in market cap and price has tripled since November 2022. Dogecoin’s value has only increased by 10%. Memecoins are losing market share, with Dogecoin and Shiba Inu dominating the market. The memecoin market dominance has decreased to just over 1%, with TRX making up about two-thirds of a percent of the market. Separating Dogecoin and Shiba Inu from other memecoins shows their growth has decoupled from the rest. Different memecoins have spurred growth at different times, with Elon Musk-themed memecoins giving way to newer fan favorites like PEPE and BONK.
Key Points
1. Dogecoin has fallen out of the top 10 cryptocurrencies by market cap for the first time in more than a year, even as buzz surrounds newer memecoins.
2. The original memecoin was flipped by tron (TRX) this week, the layer-1 blockchain spearheaded by polarizing crypto personality Justin Sun.
3. TRX has stayed on a consistent uptrend since markets bottomed around the FTX debacle in November 2022. Its price has nearly tripled since, boosting its market cap from $5 billion to $12.2 billion.