Currently, the difference in value between DOGE and DOT has reached nearly $500 million. The DOT price dropped more than 11% last week, which helped DOGE reclaim its position. The drop in question was an extraordinary one despite the general negative mood in the crypto market. However, Dogecoin (DOGE) is currently the second largest cryptocurrency working with Proof of Work consensus after Bitcoin.
Its entry into the top 10 of the crypto market as a market cap can be attributed to this. From time to time doubts arise about the future development of the project. However, the project hasn't made its community happy with any positive news for a very long time.
Most of the news about DOGE is about Elon Musk, which is not surprising in general. Currently, there is a lawsuit filed by investors against the famous billionaire. Also, DOGE's founders accuse Elon Musk of trying to create his own personality pattern and manipulating DOGE's price.
The price of DOGE has been trading in the range of $0.05 to $0.09 for the past four months. Overall, the price of the cryptocurrency is at February 2021 levels before DOGE pumps.
The expectation that the US Federal Reserve will increase interest rates affects commodity markets. According to the data in Coinecko, cryptocurrencies have also received their share of the expectation of interest rate hikes. Markets fell 6.3% in the morning to $ 950 billion. Ethereum, one of the most depreciating cryptocurrencies of the last week, continued to melt. ETH's price fell 10.5 percent to $1,306. ETH's one-week loss has exceeded 25 percent. Ripple and Dogecoin have also had their share of fear in the market. The price of XRP fell 4 percent to 35.7 cents, while DOGE fell 7.4 percent to 5.7 cents.