Dogecoin Pushes Down Cardano To Become 8th Largest Crypto

Data shows Dogecoin has now become the 8th largest crypto by market cap, after displacing Cardano from the spot.

Dogecoin Market Cap Hits More Than $15 Million After The Price Surge

The past week has been incredible for DOGE after what had been many months of lackluster sideways performance.

At the time of writing, the memecoin’s price is trading around $0.116, up 96% in the last week. Here is a chart that shows the recent trend in the value of the crypto:

The price of the coin seems to have blown up over the last couple of days | Source: DOGEUSD on TradingView

As you can see in the above graph, Dogecoin has observed some sharp upwards momentum during recent days.

Though, while the weekly gains of the crypto are incredible, the last 24 hours haven’t been so kind to it. In this period, the original memecoin has taken a beating of around 13%.

There had been some signs of whales preparing to dump yesterday, as they transferred a large number of coins to exchanges. It’s possible this selling was responsible for the price tumble today.

Before this decline, DOGE’s price was up more than 110% during the preceding seven days. Nonetheless, regardless of the drawdown, the fact remains that the coin has seen some explosive growth lately, and as a result of it, the memecoin has jumped up spots in the top crypto by market cap list.

The below table shows where Dogecoin stands in the current cryptocurrency environment.

Looks like all the coins in the bottom half of the top ten list have seen negative returns during the last 24 hours | Source: CoinMarketCap

Dogecoin has now risen to the eighth position in the top crypto by market cap list, passing above Cardano to do so.

Though currently the gap between the two is just around $1.1 billion so that DOGE will need to see further growth in the coming days if it has to create some safe distance from ADA.

The seventh placed coin, Binance USD, isn’t within reach of the memecoin at the moment, as its market cap is about $6 billion more than DOGE’s.

Rival coin Shiba Inu has also seen some decent surge recently, but its rise has been nowhere near as sharp as Dogecoin’s. As a consequence, SHIB is still only 13th on the list.

As for ADA’s recent trend, its price is currently around $0.404, up 15% in the last week. Below is the chart for the crypto.

Cardano has had an overall flat trend during the last five days | Source: ADAUSD on TradingView

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com