Elon ‘The Dogefather’ Musk’s endorsement of Dogecoin (DOGE) nearly a year and a half ago on the Saturday Night Live show seems to have backfired, as the top memecoin’s market value plunged by over ¾ since then.
Despite the success of the recent Mr. Musk’s Twitter Whistleblower campaign, it seems that Dogecoin’s (DOGE) market price seems barely affected by The Dogefather’s constant support of the DOGE Army. Interestingly, according to data metrics by Revondo, Dogecoin (DOGE) is likely to hit $0.05975 in the next 24 hours.
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Dogecoin (DOGE) Regains 10th Position Amid Brutal Bear Market
Despite falling below the favorable support line at $0.06, the dog-themed cryptocurrency won back the 10th spot by total market capitalization. Previously, the Polkadot (DOT), the crypto OG that was established in 2016 by a former Ethereum (ETH) co-founder Gawin Wood, overtook Dogecoin (DOGE) on August 8th, 2022.
This comes just days after Dogecoin (DOGE) became the 2nd largest Proof of Work (PoW) cryptocurrency, only trailing Bitcoin (BTC). At press time, Dogecoin’s (DOGE) total market cap stands at $7,497,499,427, according to CoinGecko.
On the other hand, Polkadot (DOT) is still close at $7,133,416,278. However, climbing up the crypto charts might not be easy for Dogecoin (DOGE), as both Cardano (ADA) & Solana (SOL), the 8th and 9th positions respectively, are leading by over $3 million.
DOGE Army is one of the widest communities in the crypto world. The Japanese-dog themed memecoin is supported by various celebrities including Mark Cuban, Snoop Dogg, Lil Yachty, Ice Cube, Mia Khalifa and others.