Dogecoin (DOGE) has returned to overcome Cardano (ADA) will become the eighth largest cryptocurrency.
Dogecoin (DOGE) has returned to overcome Cardano (ADA) will become the eighth largest cryptocurrency.
According to the latest market data, Dogecoin’s market capitalization has skyrocketed to approximately $28 billion, surpassing Cardano’s valuation of $27.3 billion.
The leading meme cryptocurrency managed to achieve this after making a surprising V-shaped recovery. It is worth noting that Dogecoin has significantly outperformed other altcoins in the last 24 hours. In fact, it is the fifth best performing cryptocurrency among the top 100 in the last 24 hours.
According to the latest data from IntoTheBlock, approximately 57.62% of addresses are “in the money,” keeping Dogecoin in profit. At the same time, 34.15% are “out of money”, indicating loss-making holdings. A small portion, 8.22%, sits “in the money.”
Furthermore, the market has witnessed significant activity, with 4.33 thousand large transactions recorded in the last 24 hours alone, matching a seven-day high.
As Guru-Investingreported, Dogecoin’s market capitalization also briefly surpassed Cardano in early March. Cardano founder Charles Hoskinson gleefully attacked the popular meme coin: “They are officially alt-season kids.”
That being said, Dogecoin still has a long way to go before it manages to reach its previous peak. The most popular meme coin is still down 76% from its all-time high despite Bitcoin and some altcoins recently hitting new peaks.
In April 2021, as reported by Guru-InvestingDogecoin managed to reach fourth place by market capitalization, surpassing Ripple-affiliated XRP and several other cryptocurrencies. The meme coin even surpassed automaker giant BMW by market value in a surprising feat.
According to the latest market data provided by CoinGecko, Dogecoin is currently trading at $0.17.
