Meme coin has once again outpaced Ethereum competitor
Dogecoin’s lightning-fast 150% rally was surprising, unexpected, and, most importantly, unfounded. The entire price move was based on the assumption of Elon Musk’s intention to implement DOGE as a utility coin for Twitter. While the lack of details and absence of rumors faded the rally, investors’ attention remained.
Dogecoin’s run to top eight
With the crypto market’s attention chained to Dogecoin, any appearance of buying support could have led to a strong rally that would push DOGE back to the top. Yesterday, that short-term support occurred, and the cryptocurrency saw a solid 11% price increase in the last 24 hours.
Considering the nature of Dogecoin, a modest 11% increase could easily turn into a full-blown price rally with triple-digit returns, like the one we saw in early November. The distribution of holders on DOGE has always been skewed towards retail investors, who typically aim for short-term gains rather than holding the asset for long periods of time.
Thanks to the acceleration of the mild rally, Dogecoin quickly returned to the list of the top eight coins on the cryptocurrency market, leaving Cardano behind.
Cardano not catching on
As usual, Cardano is barely catching up with cryptocurrencies in terms of market performance. After one of the first and biggest pullbacks in the network’s history, ADA faced heightened selling pressure that pushed its capitalization below that of Memecoin.
Unfortunately, ADA could not recover despite the increased network activity and will most likely continue consolidating at around the price level of $0.3, around the multi-year bottom of $0.29.
At press time, Dogecoin reached $11.2 billion in market capitalization, while Cardano stood at $10.8 billion.
