Once more, Dogecoin (DOGE) has surpassed Cardano (ADA) to reach the eighth spot among cryptocurrencies.
The most recent market data shows that Dogecoin’s market capitalization has surged to about $28 billion, surpassing Cardano’s $27.3 billion valuation.
This was accomplished by the leading meme cryptocurrency following an incredible V-shaped comeback. It is noteworthy that within the last day, Dogecoin has done noticeably better than other cryptocurrencies. In fact, during the last 24 hours, it has performed the fifth best among all cryptocurrencies in the top 100.
Approximately 57.62% of addresses are “in the money,” or holding Dogecoin profitably, according to the most recent IntoTheBlock statistics. Meanwhile, 34.15% of the holdings are “out of the money,” meaning they are losing money. Just 8.22% of the total is “at the money.”
In addition, the market has seen a great deal of activity; in the last day alone, 4.33K major transactions were reported, tying a seven-day high.
Earlier in March, Dogecoin’s market capitalization temporarily overtook Cardano, as reported by U.Today. With a playful reference to the well-known meme currency, Cardano founder Charles Hoskinson said, “It’s officially alt-season kids.”
Nevertheless, there is still a long way to go until Dogecoin reaches its prior high. Even if Bitcoin and a few other cryptocurrencies have hit new highs, the most well-known meme coin is still down a staggering 76% from its peak.
According to a U.Today study from April 2021, Dogecoin surpassed XRP, a cryptocurrency connected to Ripple, and many other cryptocurrencies to secure the fourth position in terms of market valuation. In a remarkable achievement, the meme currency even outperformed the automotive titan BMW in terms of market value.
As on CoinGecko’s most recent market statistics, Dogecoin is presently trading at $0.17.
