Dogecoin (DOGE) has risen to become the eighth-largest cryptocurrency by market cap, surpassing Cardano (ADA) with a valuation of $28 billion
Dogecoin has risen to become the eighth-largest cryptocurrency by market cap, surpassing Cardano with a valuation of $28 billionAccording to the latest data, Dogecoin boasts a market cap of approximately $28 billion, edging out Cardano's $27.3 billion.
This development has caught the attention of industry observers, including Charles Hoskinson, the founder of Cardano, who jokingly declared the beginning of what many are calling"alt-season."holders are currently profitable at its current price, indicating widespread gains across the board. This is complemented by a high concentration of large holders, which stands at 65%, suggesting a strong holding pattern among major stakeholders.
Dogecoin's price correlation with Bitcoin remains high at 0.9. The meme coin has significantly outperformed Bitcoin over the past week, surging by more than 100%. In terms of holding periods, 60% of Dogecoin's holders have been invested for over a year, indicating long-term confidence, while 30% have held for one to twelve months, and only a small fraction of 11% for less than a month.
Shiba Inu has seen a staggering trading volume of over $16 billion in the last 24 hours, surpassing Dogecoin's $9.3 billion. With such momentum, the question arises if SHIB could eventually overtake DOGE not just in trading volume but also in market cap, a possibility that market participants are watching closely. The second-largest meme coin is up a whopping 286% over the past week. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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