Dogecoin Days At The Top Numbered? Cardano Set to Take Over
The Cardano native token has been one of the best-performing digital assets this week, currently trading at $1.13 and $1.23. Although ADA’s price action pales in comparison to this week’s industry leaders, led by Bitcoin and XRP, ADA’s performance relative to other altcoins remains a source of optimism for many.
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One market analyst even believes that Cardano’s ADA will eventually surpass Dogecoin to become the top cryptocurrency by market capitalization.
A recent comparative analysis of Cardano and Dogecoin reflects the former’s dominance over the top meme coins. ADA surged 14% last week, while Dogecoin gained just 7%. If we consider longer time frames, ADA has also shown strength and dominance relative to Dogecoin.
Last month, ADA gained 230%, while Dogecoin gained 116%.
Can we expect a flip?
Cardano and Dogecoin are both among the top 10 cryptocurrencies by market capitalization, with Dogecoin ranking seventh and Cardano ranking eighth. The gap between the two top-performing altcoins is only about $20 billion. For cryptocurrency commentator Dan Gambardello, Cardano is likely to turn things around in the coming days.
Currently, $1.84 $ADA Will flip $DOGE.
The time is almost up.
The event is imminent. pic.twitter.com/yTbcKe91Hc
— Dan Gambardello (@cryptorecruitr) December 5, 2024
In a Twitter/X post, Gambardello predicted that ADA will surpass Doge and that the moment is “coming soon.” Interestingly, after surpassing Cardano this year, DOGE surpassed XRP and USDC to become the sixth-largest cryptocurrency by market capitalization, with a market capitalization of $69 billion last month. However, Dogecoin’s market cap fell after hitting a peak of $0.47992.
Cardano, on the other hand, is making moves on the back of solid macroeconomic data. Recently, Cardano hit a new multi-month high and its market capitalization increased to $45.8 billion. Given Cardano’s bullish momentum, Gambardello believes Cardano is poised to overtake Doge. Analysts say this will happen if Cardano reaches $1.84.
Cardano needs momentum to hit $1.84
According to Gambardello, $1.84 is the magic number for the Cardano switch script and the top Dogecoin. However, he did not determine the specific time frame for this price event. The total supply is $45 billion, and an increase to $1.84 would bring the coin’s market cap to $64.63 billion. This value would put ADA above Doge, which is valued at $64.3 billion in the current market landscape.
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Prior to making this assertion, the analyst first set a price target of $3 for ADA. Analysts also say that Cardano’s version of a bull run could begin once it attracts the attention of institutions looking to offer exchange-traded funds or ETFs, similar to what happened with XRP.
As of this writing, ADA is trading at $1.13 to $1.23, with a market capitalization of $41.55 billion.
Featured images are from VOI, charts are from TradingView
