(Outdated-rejected) Dogecoin loses top 10 cryptocurrencies ranking

The cryptocurrency market has seen severe bearish trends in the last week as most coins are dropping in value and this has led to the reduction in market capitalization of some coins.

Over the weekend, a number of key cryptocurrencies lost value and saw a reduction in market capitalization. Bitcoin, the most popular cryptocurrency, also saw a drastic decline and most cryptocurrencies followed its lead, including meme coin DOGE.

DOGE coin fell from the top 10 cryptocurrencies list to 11th following the decline in value of cryptocurrencies. According to Coingecko, the currency's market capitalization at the time of writing this article is $23,606,751,9297.

As DOGE fell, Terra Luna climbed up to the position 10th position and its market capitalization as at the time of writing is $25,703,916,652, according to Coingecko.

Coindesk’s tweet stated that “Ethereum high transaction fees have made DeFi inaccessible to small investors. Reports @godbole17”

To this, Elon Musk replied saying “Doooooge”

Dogecoin has been seen to be the favorite cryptocurrency of Elon as he has also actively supported and spoke about the cryptocurrency in his tweets. Towards the early part of the year, Elon made a tweet about the Doge coin which aided in skyrocketing the value of the coin and also attracting new investors to get interested in purchasing it. However, with this current incidence of Doge coin losing its place in the top 10 cryptocurrencies a few days after his reply to a tweet by Coindesk, He is yet to make a comment.

Will Doge take over as one of the top 10 cryptocurrencies by market capitalization? That alone is something the market will decide in coming weeks.