Cardano (ADA) and Dogecoin (DOGE) have long battled for the title of ninth largest cryptocurrency by market capitalization. Recently, however, Cardano had to admit its superiority and was overtaken by the meme coin.
Dogecoin’s V-shaped recovery
At the time of writing, Dogecoin’s market cap is around $26 billion, while Cardano’s is around 9% lower, with an estimated value of around $23 billion. This recent rise in DOGE’s value follows an impressive V-shaped recovery, where the coin quickly recovered after a significant decline.
A V-shaped recovery is characterized by a quick and strong rebound of an asset from a low point, which is usually seen as a positive sign. This suggests that the underlying economic factors are resilient and able to adapt and recover quickly from negative influences.
Majority of investors in green
According to analyzes from the blockchain analysis platform IntoTheBlock, approximately 57.62% of Dogecoin addresses are currently in a profitable state, while 34.15% of addresses are in losses.
Despite the token’s strong performance over the past week, its value is still 76% lower than the all-time high (ATH) reached in April 2021. During that period, Dogecoin temporarily climbed to fourth place in market capitalization, overtaking XRP and a number of other cryptocurrencies.
Start of an altcoin season?
At the beginning of this month, Charles Hoskinson, the founder of Cardano, noted that the start of the altcoin season would be announced once Dogecoin surpassed Cardano’s market capitalization. With the meme project’s recent win, Hoskinson responded via a post on Platform
Despite Dogecoin’s remarkable performance, analysts continue to point to Cardano’s robust market position. This position is strengthened, among other things, by the adoption of 300 new projects within the Project Catalyst initiative. These developments underline Cardano’s commitment to network growth and innovation, giving the platform a solid foundation for future value enhancement.
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Source: https://newsbit.nl/dogecoin-overtreft-cardano-is-dit-de-start-van-het-altcoin-seizoen/
