Dogecoin maintains its position as the 10th largest cryptocurrency with a market cap of $8.16 billion, while DAI ranks 11th with a market cap of $6.92 billion.
The largest decentralized stablecoin Dai first appeared in 2017. DAI is backed by MakerDAO, a decentralized autonomous organization that clears user deposits of Bitcoin (wBTC), Ether (ETH), and around 30 other cryptocurrencies rolled up for the DAI stablecoin.
Following the collapse of TerraUSD (UST) in May and the recently troubled Celsius, MakerDAO's DAI has gained traction amid recent crypto market problems.
Since the beginning of July, cryptocurrency lending platform Celsius has repaid a significant portion of its outstanding loan to the Maker (MKR) protocol, suggesting that it has made every effort to avoid a complete collapse amid plausible bankruptcy rumors.
Data from DeFi Explorer shows that since July 1, Celsius has repaid $142.8 million in Dai (DAI) stablecoins through four different transactions. The crypto lender still has $82 million in outstanding debt owed to Maker. Despite the challenge undertaken by DAI, Dogecoin remains the largest meme cryptocurrency by market cap as it is significantly ahead of Shiba Inu's $5.7 billion market cap.
According to Coin98 insights, approximately $273 million worth of DOGE has been exchanged in the last 24 hours. According to WhaleStats, Dogecoin is now among the top 10 most bought tokens among the top 500 BSC whales in the last 24 hours.
DOGE, which started to be talked about after the rise it experienced last month, failed to break its resistance. It even retested this resistance in the past few days, but failed to break out and gained momentum towards the support line in the $0.0533 – $0.0497 region. If it fails to hold at this level, there is a possibility of a drop to the $0.0450-$0.0415 band. In the opposite scenario, I think it will test the $0.0706 - $0.0760 band first. If it continues to rise, it will want to break the $0.0881 – $0.0948 band.