Dogecoin has been pushed out of the top 10 cryptocurrencies by market capitalization by Polkadot (DOT). Dogecoin now ranks as the 11th largest cryptocurrency with a market worth of $9.28 billion after relinquishing its previously held 10th position to Polkadot, which now has a market worth of $9.62 billion.
Dogecoin prices remain in range
Dogecoin’s price largely remains unchanged despite a slew of positive news in the week highlighted by a new release, exchange listing and renewed backing from Tesla CEO, Elon Musk.
As reported by U.Today, Michi Lumin, Dogecoin core developer, has announced the initial release of Libdogecoin, a C library of Dogecoin building blocks. Without the requirement for developers to have in-depth knowledge of blockchain technology, Libdogecoin is a C library that enables lightweight direct integration of Dogecoin into several platforms.
During a recent appearance on the «Full Send» podcast, Tesla CEO Elon Musk reiterated his support for Dogecoin. In response to a query on cryptocurrencies, Musk stated, «I’m mainly supporting Doge, frankly,» while saying that it had «memes and dogs.»
Musk asserts that despite being intended as a «ridiculous joke currency,» Dogecoin has «real utility.» He stated that compared to Bitcoin, Dogecoin has a larger transaction capacity.
The price of Dogecoin was $0.069 at the time of publication, slightly up over the previous day. Since the beginning of August, its price has been stuck in a range due to a barrier of $0.075. The general cryptocurrency price action remains lackluster as the crypto market continues to be plagued by macroeconomic concerns.