Dogecoin Days At The Top Numbered? Cardano Set To Take Over — Analyst

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As a researcher with a background in financial analysis and a keen interest in the cryptocurrency market, I find myself intrigued by the ongoing battle between Cardano (ADA) and Dogecoin (DOGE). Having closely followed the market for several years now, I’ve seen my fair share of ups and downs, trends, and surprises.

This week, one of the standout performers among digital assets is Cardano‘s native token. As of now, it’s trading between $1.13 and $1.23. Although its price movement isn’t as impressive as Bitcoin and XRP this week, these industry giants have set a high bar. However, ADA’s performance versus other altcoins has sparked hope in many investors.

One market analyst even sees Cardano’s ADA eventually overtaking Dogecoin in the list of top cryptos by market cap.

In a recent side-by-side examination, it’s evident that Cardano (ADA) is outperforming Dogecoin in terms of growth. Over the last week, ADA has seen an uptick of 14%, whereas Dogecoin managed only a 7% increase. Moreover, if we look at a broader timeframe, Cardano continues to demonstrate strength and dominance over Dogecoin.

Over the last month, ADA is up by 230%, while Dogecoin registered a 116% increase.

Can We Expect A Flip?

In simple terms, both Cardano and Dogecoin rank among the top 10 cryptocurrencies by market capitalization. Dogecoin holds the 7th position, while Cardano is at the 8th spot. Interestingly, just about $20 billion separates these high-performing altcoins. Crypto analyst Dan Gambardello believes that there’s a good chance that Cardano could take the lead in the coming days.

Currently, $1.84 $ADA would flip $DOGE.

The time is approaching.

The event is imminent.

— Dan Gambardello (@cryptorecruitr) December 5, 2024

In a Twitter/X post, Gambardello predicted that ADA would surpass Doge and that the time “is approaching and imminent.” Interestingly, after overtaking Cardano this year, DOGE surged past XRP and USDC to become the sixth biggest crypto by market capitalization, with a $69 billion capitalization last month. However, Dogecoin’s market value dropped after hitting a peak of $0.47992.

Conversely, Cardano is advancing confidently, supported by robust economic data. Lately, Cardano has hit a high not seen for several months, boosting its market capitalization to approximately $45.8 billion. With this bullish momentum in Cardano, analyst Gambardello suggests that it could surpass Dogecoin. This prediction is based on the assumption that Cardano will reach a price of $1.84.

Cardano Needs Momentum To Hit $1.84

Gambardello posits that for Cardano to overtake Dogecoin, its price needs to reach approximately $1.84. Yet, he did not specify an exact timeline for this price change. Given a total supply of around $45 billion, such a rise would boost the token’s market capitalization to about $64.63 billion. In the current market conditions, Dogecoin stands at a market cap of $64.3 billion, making ADA likely to surpass it if this prediction comes true.

Initially, the analyst predicted a price of $3 for ADA before expressing this viewpoint. Analysts further stated that the bullish trend for Cardano could begin when it attracts institutional interest related to the creation of exchange-traded funds (ETFs), much like what occurred with XRP.

Currently, ADA is being exchanged at prices ranging from approximately $1.13 to $1.23. Its total market capitalization stands at around $41.55 billion.

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2024-12-07 11:10