Dogecoin Overtakes Polkadot (DOT) to Re-entered the Top Ten Cryptocurrency Ranking

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Dogecoin (DOGE), a popular memecoin, has surpassed Polkadot (DOT) to become the world’s tenth-largest cryptocurrency by market capitalization.

At the time of writing, Dogecoin’s market cap was around $11 billion, while Polkadot’s was around $9.2 billion.

Dogecoin achieved the feat after rallying nearly 10% late yesterday following reports that the cryptocurrency will soon be used to purchase merchandise on SpaceX.

Both cryptocurrencies saw minor gains in the hours leading up to press time. While Dogecoin is trading at around $0.82, up 8% in the last 24 hours, DOT is trading at $9.39, up 8.5 percent in the same period.

It is worth noting that Dogecoin has been trailing Polkadot for weeks and has only recently made a significant move to overtake the cryptocurrency after Elon Musk, the CEO and founder of Tesla, announced that SpaceX will soon support DOGE payments.

Read also: Ethereum Whale Accumulates 147 Billion Shiba Inu While Community Disposes of 508 Million SHIB

Musk’s Contribution to the Growth of Dogecoin

Meanwhile, Musk has made significant contributions to Dogecoin’s rapid growth over the last year. Musk was one of the early adopters who propelled the memecoin to an all-time high (ATH) of more than $0.7.

Even though the cryptocurrency has experienced a significant drop since reaching an all-time high of $0.7, Musk has continued to support the token.

Related article: Top BNB Whale Accumulates 68 Million Dogecoin Tokens, Worth $5.68 Million

Musk’s unwavering love and support for the cryptocurrency have recently alarmed one of Ripple’s attorneys, who are concerned that he could face SEC charges if Dogecoin is declared an investment contract.