Dogecoin surpasses Cardano in market capitalization and is in 8th place.

Dogecoin’s meteoric 150% rise was surprising, unexpected, and most importantly, unfounded. The entire price movement was based on the assumption of Elon Musk’s intention to implement DOGE as a utility currency for Twitter. However, the lack of details and the absence of rumors caused the rally to fade, but investor attention remained.

Dogecoin’s race to the top 8

With the crypto-currency market’s attention chained to Dogecoin, any appearance of buying support could have led to a strong rally that pushed DOGE to the top. Yesterday, that short-term support did occur, and the crypto-currency has seen a solid 11% increase in price over the past 24 hours.

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Given the nature of Dogecoin, a small 11% increase in price can easily turn into a full-blown price rally with triple-digit returns like we saw in early November. Holder distribution on DOGE has always been heavily skewed towards retail investors, who are typically looking for short-term gains rather than long-term asset holdings.

Thanks to the accelerating bullish rally, Dogecoin has quickly returned to the top eight list of coins in the crypto-currency market, leaving Cardano behind.

Cardano is not catching up

As always, Cardano is struggling to catch up with crypto-currency in terms of market performance. After one of the first and biggest rugpulls in the network’s history, ADA faced high selling pressure that pushed its capitalization below that of memecoin.

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Unfortunately, ADA has not been able to recover despite the increase in network activity and will most likely continue to consolidate around the $0.3 price level, around the multi-year low of $0.29.

As of press time, Dogecoin has reached $11.2 billion in market capitalization, while Cardano is $10.8 billion.

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