ChainAegis Analysis Report: Where Does Dogecoin's Top 10 Market Cap Ranking Come From?

Dogecoin originated as a fork of the Litecoin codebase, based on the Shiba Inu meme that went viral online in 2013. As one of the most popular meme coins, Dogecoin's market cap once reached $88.794 billion. However, Dogecoin differs from other top 10 cryptocurrencies by market cap. Dogecoin has neither a public blockchain and DeFi business foundation, nor real-world asset backing. Its ability to consistently remain in the top 10 market cap rankings, with its position still gradually climbing, is somewhat mysterious.