Dogecoin Flips Cardano In Market Cap, Becomes 7th Largest Crypto
April 04 2023 - 8:00AM
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After its 26% rally in the last 24 hours, Dogecoin (DOGE) has
flipped Cardano (ADA) in market cap, making the meme coin the 7th
largest asset in the sector. Dogecoin Has Observed A Strong Surge
Over The Past Day While the cryptocurrency market as a whole has
enjoyed some strong upwards momentum in the last few months, DOGE
couldn’t quite put together any uptrend as impressive as some of
its peers, which lead to it falling behind them. Over the last day,
however, Dogecoin finally seems to have observed some sharp
increase of its own. At the time of writing, DOGE is trading around
$0.0984, up 26% in the past 24 hours. Here is a chart that shows
how the original meme coin has performed recently: Looks like the
value of the asset has rocked up today | Source: DOGEUSD on
TradingView As you can see in the above graph, the price of
Dogecoin had been consolidating during most of the past month, but
the trend has significantly deviated over the last day. The reason
behind this strong surge in the asset’s value seems to be the fact
that Elon Musk’s Twitter has changed its icon to an image of the
popular Doge meme, on which the cryptocurrency is based. It’s
currently unclear what this move means, or if it’s a change that
would stick around for too long. Nonetheless, the switch to the
Doge icon has been enough to build up sufficient hype around the
meme coin to fuel this price rally. Related Reading: Bitcoin SOPR
Plunges, Why This Could Be Bullish Following this surge, there also
looks to have been some huge whale transfers made on the
blockchain, as data from the cryptocurrency transaction tracker
service Whale Alert shows. 🚨 🚨 🚨 650,000,000 #DOGE (65,559,028 USD)
transferred from unknown wallet to unknown
wallethttps://t.co/j1HVESp3fT — Whale Alert (@whale_alert) April 3,
2023 🚨 🚨 300,000,000 #DOGE (27,687,117 USD) transferred from
unknown wallet to unknown wallethttps://t.co/dwX7rx5Hi0 — Whale
Alert (@whale_alert) April 3, 2023 While these transfers could have
been signs of large purchases from these humongous holders, they
could also be a hint of a selloff. However, since they don’t seem
to be heading toward exchanges, it’s possible that they weren’t
made with the intent of selling after all. At least so far, the
price hasn’t reacted negatively to these movements. Related
Reading: Dogecoin Whales Bought 1.47 Billion DOGE In Q1 2023:
Santiment After this rapid rise in the price, Dogecoin’s
year-to-date (YTD) returns have hit around 40% in the green,
meaning that the asset has now caught up with its meme coin rival,
Shiba Inu (also with 40% YTD profits). DOGE Has Flipped ADA In
Market Cap Dogecoin had previously been the 8th largest coin in the
entire sector, but with this latest rally, the meme coin has
advanced up the top cryptocurrency by market cap list. The below
table shows where the asset stands among its peers now. The market
cap of the asset seems to be around $13.7 billion at the moment |
Source: CoinMarketCap Cardano was earlier the holder of the 7th
spot on this list, but the coin has now fallen to the 8th spot
after Dogecoin overtook it. The gap between the two, however, isn’t
too much right now, so DOGE could still slip below ADA again in the
near future. If the meme coin can continue this upwards momentum,
however, a more proper margin between the two could end up being
created, thus allowing DOGE to hold onto the spot more tightly.
Featured image from Kanchanara on Unsplash.com, chart from
TradingView.com
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