Last Updated: August 2, 2023
• Dogecoin (DOGE) has surpassed the market share of Binance USD (BUSD), reclaiming its spot in the TOP 10 by global market cap.
• This happened ten days after a Dogecoin Foundation member warned about BUSD, and is due to Binance delisting USDC, as well as Paxos’s ban on minting new BUSD stablecoins by the SEC.
• DOGE stayed in the $0.08 price range for the week and dropped 2.2% after topping BUSD, despite its unusual achievement.
Dogecoin Surpasses Binance USD
Dogecoin (DOGE) has reclaimed its spot in the TOP 10 by global market cap, surpassing the leading CeFi platform’s stablecoin, Binance USD (BUSD). This is an unusual achievement that was triggered by several events related to mismanagement of the Paxos-issued stable coin and a warning from a Dogecoin Foundation member.
Circle Triggers Mismanagement of BUSD
Close competitors Circle informed the Securities and Exchange Commission (SEC) about Binance’s mismanagement of their Paxos-issued stable coin, leading to over $3 billion being moved away in 6 days. To make matters worse for Binance, USDC had been delisted two months prior – automatically converting all assets into BUSD – which further contributed to Circle’s claims against them and caused losses for both parties involved.
SEC Ban on Minting New Stablecoins
The SEC officially forbade Paxos from producing any more BUSD tokens, causing it to lose 50% of its market capitalization since November 27th 2022 – from $22,527 down to $11,424 billion today. This allowed Dogecoin (DOGE) to overtake it with a global market capitalization of $11,578 billion at press time – making it one of crypto history’s most unexpected success stories yet!
Dogecoin Price Stays Stable Despite Achievement
Despite constant growth in community members and support throughout 2021-2022., DOGE stayed in the $0.08 price range for this week and dropped 2.2% after topping BUSD – not quite reflecting its usual behavior that usually follows such achievements; typically resulting in strong positive momentum with an increase in price shortly afterwards..
Conclusion
All things considered – The recent success story made by Dogecoin demonstrates how news can drastically affect cryptocurrencies’ standing without necessarily affecting their price immediately; leaving room for speculation until trends start forming around DOGE’s performance over time!
