Dogecoin Flips Cardano In Market Cap, Becomes 7th Largest Crypto

Keshav Verma

2 years ago

3 mins read

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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.

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.

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

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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