Dogecoin bounces back, Is this bad news for Chainlink (LINK)?

Dogecoin, the beloved meme-inspired currency, has staged an impressive comeback in the past week. After experiencing a prolonged period of decline, DOGE has surged back into the spotlight, reclaiming its position among the top 10 most capitalized crypto. 

Just a short while ago, Dogecoin found itself relegated to the 11th spot, overtaken by Chainlink (LINK), amidst a tumultuous period where its price seemed to defy market trends. However, in a surprising turn of events, Dogecoin has managed to bounce back, showcasing a remarkable 7.5% surge in price. This resurgence has propelled Dogecoin back into the top 10, reaffirming its relevance.

Recently, several substantial Dogecoin transactions have surfaced. Including the transfer of 100 million DOGE valued at $8.27 million and another 150 million DOGE worth $12.4 million, both migrating from Robinhood to mysterious destinations. These transactions contribute to a larger pattern of Dogecoin activity observed recently.

In the past 24 hours alone, Dogecoin has seen a notable growth of 3.62%, with its price now standing at $0.08581. This surge has significantly boosted Dogecoin’s market capitalization to a staggering $12.27 billion. The newfound momentum has allowed Dogecoin to surpass the market capitalization of Chainlink.

On the other hand, Chainlink (LINK) is currently priced at $20.05, showing a modest increase of 0.81% over the past day. With a market capitalization of $11,769,720,293, Chainlink holds the 11th position among digital currencies. In the last 24 hours, its trading volume reached $534,257,355, representing 12.22% of its market cap. Chainlink has a circulating supply of 587,099,970 LINK tokens, which accounts for 58.71% of its total supply of 1,000,000,000 LINK. The fully diluted market cap of Chainlink stands at $20,047,216,633, reflecting its potential valuation if all tokens were in circulation.

In the broader landscape, Bitcoin’s dominance has slightly decreased to 52.51%. The global crypto market cap has seen a 2.01% increase over the last day, reaching $1.96 trillion. The total volume of the crypto market over the past 24 hours stands at $86.3 billion, with decentralized finance (DeFi) contributing $7.34 billion, comprising 8.51% of the total volume.

Stablecoins continue to play a significant role, with a total volume of $78.37 billion, representing 90.81% of the total crypto market 24-hour volume. These figures reflect the dynamic nature of the market. Where shifts in trends and sentiments can lead to rapid changes in rankings and valuations.

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