Dogecoin Soars, Overtakes Cardano in Market Cap

Adriana Bianchi
1 min read

Dogecoin (DOGE) has once again overtaken Cardano (ADA) to become the eighth-largest cryptocurrency in terms of market cap. Currently soaring at approximately $28 billion, Dogecoin has edged out Cardano's valuation of $27.3 billion. The chief meme cryptocurrency achieved this after making a stunning V-shaped recovery, outperforming other altcoins in the past 24 hours. Impressively, Dogecoin is the fifth best-performing cryptocurrency in the top 100 over the same period, with approximately 57.62% of addresses holding Dogecoin at a profit. Additionally, it is noted that the market has recently witnessed a significant surge in activity, recording 4.33K large transactions in the last 24 hours alone. Notably, this surge marks a seven-day high in large transactions. This achievement echoes an earlier instance in March when Dogecoin briefly surpassed Cardano in market cap. However, Dogecoin still has a long way to go until it reaches its previous peak, as it remains down 76% from its all-time high. Despite this, Dogecoin continues to hold a significant position, having previously reached fourth place by market capitalization, surpassing Ripple-affiliated XRP and various other cryptocurrencies. As of now, Dogecoin is currently trading at $0.17, according to the latest market data provided by CoinGecko.

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