Dogecoin (DOGE), a meme cryptocurrency, is overtaking Cardano (ADA), according to information provided by CoinGecko. With a market cap of approximately $10.4 billion, the joke coin is currently just behind Cardano.
Dogecoin, however, appears to be defying the trend as it has increased by 2.9% over the past day and is currently trading at $0.075. Contrarily, Cardano (ADA) has had a disappointing decline of 2.3% over the past week, bringing its price down to a meagre $0.303.
The surprising Dogecoin rally follows Twitter’s well-publicized rebranding to ‘X’ below its new owner, Elon Musk. Musk made a suggestion that Dogecoin money would be integrated into the platform in the future along with the rebranding, which aroused investor interest and caused the price to increase.
According to Spencer Hallarn, a derivatives dealer at the cryptocurrency funding company GSR, the market was anticipating more information on the several exchange-traded fund (ETF) filings that were finally realised when Bitcoin stabilised at around $30,000.
Additionally, he noted that the increased interest in altcoins as a result of the XRP verdict has taken money away from the majors, which has contributed to the lack of value momentum.
Early on, the value of Dogecoin experienced a sharp increase, partly due to tweets and endorsements from tech tycoon Musk. Since that time, the value of the cryptocurrency has fallen dramatically, by around 89%, from its peak. Because it is dependent on the whims of its most well-known supporter, Dogecoin’s future direction is uncertain.
according to U. The integration of cryptocurrency funds is already progressing on Musk’s relaunched social media network, X (formerly Twitter), with Twitter Funds LLC acquiring licenses in a number of states to enable crypto transactions.