Dogecoin is in a critical position as EverGrow is posing massive threats to its dominance
Dogecoin has fallen to 14th place in the CoinMarketCap crypto rankings as newcomer EverGrow Coin sees an 8% price hike.
All top 20 cryptocurrencies have fallen sharply in price on April 25, but Dogecoin has seen its market cap overtaken by Binance USD and Polkadot. Dogecoin has a market cap of $16.5 billion and is only one place above Shiba Inu, which has a valuation of $12.5 billion according to CoinMarketCap.
Against a backdrop of nearly all major cryptocurrencies in the red, EverGrow Coin is standing out with 8% growth in the past 24 hours. The EverGrow Coin price is currently $0.000000504.
EverGrow Coin sees a 32% price increase in April
EverGrow Coin has enjoyed an overall price increase of 32% from its lows of $0.000000381 in April. The growth in price is linked to a new listing on the DigiFinex exchange – a top 10 crypto exchange by trading volume, and the largest crypto exchange to list EverGrow Coin to date.
EverGrow Coin will also announce the name of its new NFT marketplace today. The marketplace will be built on the Binance Smart Chain, which offers lower gas fees than NFT marketplaces built on the Ethereum main net such as OpenSea. The EverGrow Coin marketplace will also be the first to allow crypto lending using NFTs as collateral, offering a new route into passive income from NFTs.
EverGrow Coin has also teased the release of 15,000 unique NFTs to launch on the marketplace. The NFTs are valued at around $100 each and all profits will be used to buy up $EGC tokens and remove them permanently from the supply.
Can Dogecoin climb back up the CoinMarketCap rankings?
Dogecoin was a breakout success in the crypto market last year, as it firmly established itself in the crypto top 20. Its market cap hit nearly $90 billion in May last year following an intense price rally, where $DOGE reached its all-time high price of $0.74.
The Dogecoin price is currently at $0.125 and has fallen 7% in the last 24 hours. Dogecoin received a major boost earlier this month as Elon Musk launched a bid to take over Twitter, and suggested the $DOGE would be integrated as a means of payment for tips and other services.
Elon Musk also revealed the Santa Monica supercharging station began accepting Dogecoin back in March. However, despite enthusiastic backing, Dogecoin has still fallen down the CoinMarketCap crypto rankings.
With Dogecoin prices nearing the yearly low of $0.112 this could nevertheless be a promising time to buy the dip.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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