Market Cap Battle Breaks Out

• Dogecoin and Cardano are one of the biggest cryptocurrencies by market capitalization. Hence, they are in the top 10 of the rankings. 
• However, between the two, a huge battle ensued. The two of them are battling on who will take the 7th and 8th positions of market cap ranking. 
• Over the past weeks, the two have switched positions. But Dogecoin is getting the upper hand in the battle. 

For many reasons, Cardano and Dogecoin are among the bullish cryptocurrencies. Judging from their price increase in the past month, the two had a good time in the market. But that doesn’t mean they don’t have bearish trends. They do, but they always manage to overcome them. Nevertheless, the main topic is their current battle in the market cap rankings. At the time of writing, Dogecoin is in 7th place while Cardano is in 8th position respectively. 

Dogecoin and Cardano Take on Each Other 

Coinmarketcap

The battle between Dogecoin and Cardano is an epic one. In fact, the two are constantly plotting how to overthrow the other in market cap. But right now, Dogecoin seems to be having a significant breakthrough. You could say Dogecoin is having a good time, and you won’t be wrong. Apparently, Dogecoin’s pal, Elon Musk, has been quite active. Rebranding Twitter and adding a Dogecoin symbol to his location drives Dogecoin’s price. Not only is the Dogecoin price increasing, but the market cap is also on the increase. 

In the past 24 hours, Dogecoin’s market cap has stayed above Solana. The current market forces highlighted above continue to keep it inside the race. With that in mind, the market cap fluctuates between $10.9 to $11.1 billion. Despite taking this position, there are chances Cardano might surpass it. 

Besides the Elon Musk pull, Dogecoin’s chances of staying there for long are slim. On the other hand, Cardano is taking the 8th position due to some losses. In the past week, it went above 4% regarding losses in the market. This is one of the contributors to the downtime it currently has in the market. However, Dogecoin might not take its current position for long, as Cardano makes a good recovery. 

Will Cardano Surpass Dogecoin Again 

Despite Dogecoin’s current strides in the market, it is still a meme coin. Hence, it is more volatile than Cardano. Once the temporary market forces disappear, Dogecoin might go down. For instance, once the hype around Twitter payment systems dies down, the same goes for DOGE. 

On the other hand, Cardano has made a good recovery within the past few days. The margin between Dogecoin and Cardano continues to decrease. So, there are chances Cardano will take the 7th position from DOGE. At the time of writing, Cardano needs less than $100 million to overtake Dogecoin. 

Conclusion 

There’s no doubt Dogecoin is having a good time in the market. Hence, the price and value continue to increase. Especially for the market cap, it continues to battle Cardano over the 7th place. But there are chances Cardano will take this position soon. 

Featured image from Trading Education

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