New stable coin competing with Dogecoin in the crypto market, down only one notch in market cap

A stable coin is emerging rapidly against Dogecoin. This meme crypto token has come close to giving a close competition to DodgeCoin in terms of market capitalization. The stable coin called DAI has moved closer to DOGE in market capitalization rankings. Dogecoin is currently the 10th largest cryptocurrency by market cap. It is the only mime coin that has remained in the list of top 10 cryptocurrencies.

Dogecoin currently has a market capitalization of $8.16 billion (approximately Rs.6 trillion). Just below it comes the number of DAI which is ranked 11th in terms of market capitalization. According to data from Coinmarketcap, it has a total market capitalization of $6.92 billion (about Rs 5.5 trillion). DAI is the largest de-centralized stable coin that was created in 2017. It is created by MakerDAO, a decentralized autonomous organization that uses user deposits of Bitcoin (wBTC), Ether (ETH) and about 30 other cryptocurrencies for the DAI stable coin.

After the crash of TerraUSD in May, recently the condition of Celsius also became thinner. At the same time, the decline in the cryptocurrency market continues. Despite this, MakerDAO’s DAI has been performing well for some time now. Since the beginning of July, the crypto lending platform Celsius has given a large part of its loan to Maker (MKR) protocol to save the platform from collapse. Data from DeFi Explorer shows that since July 1, Celsius has made a loan payment of $142 million in four separate transactions and these transactions have been done in Dai (DAI) stable coins. Still Celsius is yet to repay a loan of $82 million.

Dogecoin is getting a tough competition from DAI. There is not much difference in the total market capitalization of these two. But still DOGE has managed to retain the title of the biggest meme cryptocurrency. Dodgecoin is well ahead of the market cap of the Shiba Inu. The market capitalization of the Shiba Inu is $5.7 billion (approximately Rs 4.5 trillion).

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