Cardano Finally Dethrones Dogecoin By a Wide Margin in the Market Cap Rankings

Cardano and Dogecoin are one of the top cryptocurrencies in the market. But both of them had a face-off in the market cap rankings. Apparently, the battle is between the 7th and 8th positions. After taking the 7th position for a long time, ADA now occupies this space. What is the market outlook between the two tokens? 

Cardano Overtakes ADA 

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• For the longest time, the battle of market caps continued to rage between Cardano and Dogecoin. Apparently, these two cryptocurrencies have made many profits in the market, but they can’t catch a break. For some weeks, Dogecoin remained number 7 in the market cap rankings. Sometimes ADA will catch up and retake the position. But it usually lasts for a few hours before Dogecoin retakes the position. 
• However, this time around, Cardano did the unthinkable by giving Dogecoin a considerable gap in the market cap rankings. At the time of writing, ADA occupies the 7th position with a market cap of approximately $9.67 billion. On the other hand, Dogecoin is trying its best to keep up with the challenge with a market cap of $9.48 billion. 
• The price of these cryptocurrencies is another aspect to look at. The price of ADA is down, but not as bad as Dogecoin’s. ADA is down by less than 1% in 24 hours at the time of writing. However, Dogecoin is down by close to 4%. For the weekly charts, Dogecoin is down by more than 10%, while Cardano is only at 7%. Furthermore, Dogecoin’s monthly charts show a decline of more than 20%. ADA only suffers a loss of 11% in the monthly charts. 

Dogecoin Suffers Massive Losses, As Cardano Improves 

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• Dogecoin suffered many losses in critical metrics, especially with the market cap rankings. It is evident that the “king of meme coins” is down by a considerable margin. 
• Starting with the trading volume, Dogecoin suffered a number of losses here. At press time, the trading volume of this cryptocurrency stands at $426,744,068. However, this places the memecoin on the number 13 in terms of the trading volume. 
• On the other hand, the market capitalization of this cryptocurrency suffered some losses. A few days ago, the market cap of Dogecoin was well above $10 billion. Now it is down to $9.48 billion. This makes it 8th in the rankings after suffering a loss of more than 3%. 
• Apparently, Cardano saw massive increases in some of its critical metrics compared to Dogecoin. But there is a catch here. Despite this crypto beating Dogecoin in the market cap rankings, it is still ranked number 18th in trading volume. The trading volume increased by more than 17% in 24 hours to stand at $246,257,336. Moreover, the market cap only declined by less than 1%. 

Conclusion 

The two cryptocurrencies, Dogecoin and Cardano, battled each other in the market cap rankings. For a long time, Dogecoin occupied the 7th position. However, ADA is now the new owner of the 7th position, while Dogecoin relegates to the 8th position. Nevertheless, the market isn’t looking good for both sides.