Dogecoin’s rise to the top looks pretty much unstoppable at this point. In the last few days, when the market has dropped hard, Dogecoin (DOGE) has pretty much held its value. Today, as the rest of the market shows weak signs of a rebound, Dogecoin has surged by over 6% and is back above $0.005. Its price action has seen it rise up market cap rankings to touch the 20th spot.
Such a massive rise would have been unimaginable a month ago, when Dogecoin (DOGE) was oscillating between the 32nd and the 34th position. In fact, no one would have believed that Dogecoin will become a top 20 crypto. With such a steady rise, its chances of hitting the top 10 are now higher than ever. Several factors support a break of Dogecoin (DOGE) into the top 10.
First, its image is in crypto space is changing. For a long-time, Dogecoin was largely perceived as a joke coin. Even its founders have always held the perception that it is just a joke. However, this image is changing. Investors are beginning to realize that on the basis of its fundamentals, Dogecoin is one of the most practical and usable cryptocurrencies in the market today. For instance, after last month’s altcoins apocalypse, most ICO projects have been exposed for their high risk of collapse. More people are now aware that only true blockchains have a chance at longevity in the market, and Dogecoin (DOGE) is one of them.
On top of that, Dogecoin (DOGE) is one of the most practical cryptos for use as a payment method. That’s because it is fast, low cost and secure. These are attributes that make for a crypto that can replace fiat currencies. This aspect is driving investors into Dogecoin, and as volumes continue to rise, so will its rankings in the market. The recent surge in volumes and consequent rise to the top 20 is a testament to this.
In addition, with the increased positive publicity that Dogecoin (DOGE) has received lately, more exchanges will be incentivized to list it. Going forward, any new listing of Dogecoin on exchanges will be received with lots of enthusiasm, thus pushing up the price even further. That’s because interest in Doge has grown, and any event that is perceived as having a positive impact on its price will be quickly bought up.
Dogecoin (DOGE) is like a sneak preview of how coin market cap rankings will look in the future. In a few months, the top 100 will look very different. Low-quality coins will drop out, and the truly decentralized blockchains, with a real-world use-case, will rise to the top.