Dogecoin and stablecoin DAI are step by step catching up within the market capitalization rankings for cryptocurrencies. Dogecoin maintains its place because the Tenth-largest cryptocurrency with a market price of $8.16 billion, whereas DAI ranks eleventh with a market valuation of $6.92 billion.
The most important decentralized stablecoin is as soon as once more Dai, which initially surfaced in 2017. DAI is powered by MakerDAO, a decentralized autonomous group that trades consumer deposits of wrapped Bitcoin (wBTC), Ether (ETH) and nearly 30 different cryptocurrencies for the DAI stablecoin.
Following the collapse of TerraUSD (UST) in Could and the lately troubled Celsius, MakerDAO’s DAI has gained traction amid current crypto market troubles.
For the reason that starting of July, the cryptocurrency lending platform Celsius has paid again a large portion of its excellent mortgage to the Maker (MKR) protocol, indicating that it’s making each effort to keep away from a complete collapse amid believable insolvency rumors.
Information from DeFi Explorer reveals that since July 1, Celsius has paid again $142.8 million in Dai (DAI) stablecoins by 4 totally different transactions. The crypto lender nonetheless has $82 million in excellent debt owed to Maker.
Regardless of the problem being mounted by DAI, Dogecoin retains the place of the most important meme cryptocurrency by way of market capitalization as it’s considerably forward of Shiba Inu’s market cap of $5.7 billion.
In response to Coin98 insights, merchants exchanged DOGE price round $273 million within the final 24 hours.
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In response to WhaleStats, Dogecoin now ranks among the many prime 10 most bought tokens among the many 500 greatest BSC whales within the final 24 hours.