Dogecoin has dropped from the top 10 cryptocurrencies by market cap after over a year, amid rising interest in newer memecoins. TRX, led by Justin Sun, surpassed Dogecoin this week, experiencing a consistent uptrend since the FTX debacle in November 2022. Dogecoin's market cap hovers around $12 billion, with a minimal 10% token price increase. TRX, on the other hand, has tripled in price, reaching a market cap of $12.2 billion. While both TRX and Dogecoin have seen fluctuations in their bitcoin ratios, TRX's overall uptrend reflects a market seeking alternatives to Solana. Additionally, TRX's efforts in DeFi activities, such as the introduction of USD and JustLend, have doubled Tron's total value locked since Bankman-Fried's arrest. Dogecoin's classification as a "memecoin" is questioned, contrasting with tokens like BONK, PEPE, WIF, and ELON. These memecoins derive value from community attention, with BONK distinguishing itself through partnerships with DeFi apps. Dogecoin, a 2013 launch, is a fork of Lucky Coin, itself a fork of Litecoin, originating from Bitcoin's codebase. Similar to Bitcoin, miners use electricity to mine DOGE, and users pay DOGE to access the network, known for its censorship resistance. Even Shiba Inu, the second-largest memecoin, launched its own blockchain after initially being issued on Binance Smart Chain and later deploying Shibarium on Ethereum's layer-2 network.
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