Dogecoin (DOGE) is getting close to taking back its spot from Cardano (ADA) in the crypto ranking. Right now, DOGE is in ninth place, but after a 3% price jump, it’s closing the gap with ADA.
DOGE’s market value is now $25.35 billion, while ADA’s is slightly ahead at $25.71 billion. If this trend continues, DOGE might flip ADA again very soon.
According to CoinMarketCap, DOGE is now priced at $0.1704 with a 4% gain in market cap A reason for this is the 3.16% rise in open interest, according to data from Coinglass
Around $1.5 billion DOGE has been committed to trading. If this momentum keeps up, Dogecoin only needs about $360 million more to overtake Cardano in rankings.
A while ago, Cardano managed to pass Dogecoin because DOGE’s price dropped. This happened because of a bearish trend, at the time the price was struggling to go up, and investors started selling. That gave ADA the edge for a while. But now, things are shifting.
Additionally, the number of active users of the DOGE blockchain has increased by 400%, to a total of 395,000, as recently confirmed by crypto analyst Ali. This means that many more people are now using Dogecoin, which can help drive the price higher.
Crypto markets move quickly, and a lot can change in one night. Right now, DOGE is gaining strength, but it still needs a little more push to pass Cardano.
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