This article is also available in Spanish.
The native Cardano token is one of the best-performing digital assets this week and is currently trading at $1.13 and $1.23. While the price action pales in comparison to the industry leaders this week, led by Bitcoin and XRP, ADA’s performance compared to other altcoins continues to be a source of optimism for many.
Related reading
One market analyst even sees Cardano’s ADA eventually overtaking Dogecoin on the list of top cryptocurrencies by market cap.
A recent comparative analysis of Cardano and Dogecoin reflects the dominance of the former as a token. ADA is up 14% in the past week, while Dogecoin is up just 7%. If we are looking at a higher time frame, ADA is also showing strength and dominance over Dogecoin.
Over the past month, ADA has risen by 230%, while Dogecoin has recorded a 116% increase.
Can we expect a coup?
Both Cardano and Dogecoin are in the top 10 cryptocurrencies by market cap, with Dogecoin ranked 7th and Cardano 8th. Only about $20 billion separates these two best-performing altcoins. For cryptocurrency commentator Dan Gambardello, there is a strong possibility that Cardano could turn the script in the next few days.
Currently $1.84 $ada Will flip $dawg.
The time is approaching.
The event is imminent. pic.twitter.com/yTbcKe91Hc
– Dan Gambardello (@cryptorecruitr) December 5, 2024
In a post on Twitter/X, Gambardello predicted that ADA will overtake Doge and that the time is “getting near and imminent.” Interestingly, after overtaking Cardano this year, DOGE has overtaken XRP and USDC to become the sixth-largest cryptocurrency by market capitalization, with a capitalization of $69 billion last month. However, Dogecoin’s market capitalization declined after peaking at $0.47992.
Cardano, on the other hand, is making its move, supported by strong macroeconomic data. Recently, Cardano reached its highest level in several months, increasing its market capitalization to $45.8 billion. Given this bullish surge in Cardano, Gambardello said that Cardano is about to surpass Doji. This will happen, according to the analyst, if Cardano reaches $1.84.
Cardano needs momentum to reach $1.84
According to Gambardello, $1.84 is the magic number for Cardano to swap the script and top Dogecoin. However, he did not specify a specific time frame for this price event. With a total supply of $45 billion, an increase to $1.84 would push the coin’s market cap to $64.63 billion. This value would move ADA far beyond Doge, which is worth $64.3 billion in the current market landscape.
Related reading
Before making this confirmation, the analyst first targeted a price of $3 for ADA. Analysts also shared that Cardano’s version of the rally will begin once it gains interest from institutions looking to offer exchange-traded funds or ETFs, similar to what happened for XRP.
At the time of writing, ADA is trading between $1.13 and $1.23, with a market cap of $41.55 billion.
Featured image from VOI, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.