Dogecoin Days At The Top Numbered? Cardano Set To Take Over — Analyst

Christian Encila

Last Updated: December 7, 2024 8:00 am

3 mins read

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The Cardano native token is one of the top-performing digital assets this week and currently trades at $1.13 and $1.23. While its price action pales in comparison to the industry leaders this week, led by Bitcoin and XRP, ADA’s performance relative to other altcoins has still become a source of optimism for many.

One market analyst even sees Cardano’s ADA eventually overtaking Dogecoin in the list of top cryptos by market cap.

A recent comparative analysis of Cardano and Dogecoin reflects the former’s dominance over the top meme coin. ADA has surged 14% in the last week, while Dogecoin increased by just 7%. And if we’re looking at a higher timeframe, ADA also shows strength and dominance over Dogecoin.

Over the last month, ADA is up by 230%, while Dogecoin registered a 116% increase.

Can We Expect A Flip?

Both Cardano and Dogecoin are in the Top 10 cryptos by market cap, with Dogecoin ranked 7th and Cardano at 8th. Only around $20 billion separates these two top-performing altcoins. And for crypto commentator Dan Gambardello, there’s a strong possibility that Cardano can flip the script in the next few days.

Currently, $1.84 $ADA would flip $DOGE.

The time is approaching.

The event is imminent. pic.twitter.com/yTbcKe91Hc

— Dan Gambardello (@cryptorecruitr) December 5, 2024

In a Twitter/X post, Gambardello predicted that ADA would surpass Doge and that the time “is approaching and imminent.” Interestingly, after overtaking Cardano this year, DOGE surged past XRP and USDC to become the sixth biggest crypto by market capitalization, with a $69 billion capitalization last month. However, Dogecoin’s market value dropped after hitting a peak of $0.47992.

Cardano, on the other hand, is making its move, backed by solid macroeconomic data. Recently, Cardano reached a multi-month high, increasing its market cap to $45.8 billion. Given this bullish surge on Cardano, Gambardello argued that Cardano is poised to overtake Doge. This will happen, according to the analyst, if Cardano reaches $1.84.

DOGE is currently trading at $0.43. Chart: TradingView

Cardano Needs Momentum To Hit $1.84

According to Gambardello, $1.84 is the magic number for Cardano to switch the script and top Dogecoin. However, he did not identify a specific timeframe for this price event. With a total supply of $45 billion, an increase to $1.84 will push the token’s market capitalization to $64.63 billion. This value will move ADA past Doge, which sits at $64.3 billion in the current market landscape.

Before making this assertion, the analyst first targeted a price of $3 for ADA. Analysts also shared that Cardano’s version of a bull run will start once it gets attention from institutions looking to offer exchange-traded funds or ETFs, similar to what happened to XRP.

At the time of writing, ADA is trading between $1.13 and $1.23, with a market cap of $41.55 billion.

Featured image from VOI, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.