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DogeCoin (DOGE) Overtakes Terra (Luna) As The World's 10th Largest Cryptocurrency

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In terms of market capitalization, Dogecoin (DOGE) has surpassed Terra (LUNA) to become the tenth largest cryptocurrency. The switch follows the accompanying drama in the Terra ecosystem, which has seen the price of the LUNA tank plummet in recent days. LUNA has dropped 28.16 percent in the previous week and is now trading at more than 50% below its all-time high set in December.

The battle for supremacy between DOGE and LUNA continues to heat up. According to CryptoRank, Dogecoin has surpassed Terra (LUNA) in market capitalization once again. DOGE has a market cap of roughly $18.22 billion, while LUNA has a market worth of around $18.20 billion.



Market participants, on the other hand, are pointing out that the switch was caused by a panic selloff in the LUNA market, not by a boom in DOGE. In the last seven days, the price of DOGE has increased by 1.04 percent. In the same time period, however, LUNA has dropped 28.16 percent. According to Krypto Tribe tracker Santiment, the depletion has been linked to a selloff in the Frog Nation group of DeFi 2.0 ventures, which includes Abracadabra.money, Popsicle.finance, Wonderland.money, and the newest member, Sushi.com.

The association comes from Terra’s popular multi-chain algorithmic stablecoin, Terra USD (UST). The Terra blockchain uses stablecoins to run its payments system and uses the LUNA token to stabilize the worth of the protocol’s algorithmically-backed TerraUSD stablecoin, UST. Since it had been discovered that Michael Patryn, one among the co-founders of the Wonderland (TIME) protocol, has been linked with fraud within the past, the costs of all the Frog Nation tokens are falling and are pulling LUNA and UST along.


Will DOGE be able to maintain its lead for much longer?


At the moment, very little separates DOGE from LUNA. The memecoin however holds a lot of promise in 2022. Several developments are planned for the Dogecoin blockchain even as DOGE has been getting more adoption from institutional investors. The memecoin started getting accepted for Tesla merchandise this year. Elon Musk also recently urged the McDonald’s fast-food restaurant chain to accept DOGE.


With all the adoption DOGE has been seeing, it may be possible for the memecoin to hold its position above LUNA. Regardless, LUNA may not stay down for long and may surpass DOGE again. According to the founder of Terra, Do Kwon, the supply of UST could increase significantly over the next 12 months. Kwon, while highlighting several factors that could increase UST to surpass its previous ATH, added that this could have an overall positive impact on the price of LUNA.

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