Dogecoin pushes Cardano down to become 8th largest crypto

Data shows that Dogecoin has now become the eighth largest crypto by market capitalization, displacing Cardano from the spot.

Dogecoin’s market cap hits more than $15 million after the price hike

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

At the time of writing, the memecoin price is trading around $0.116, up 96% in the last week. Here is a chart showing the latest trend in the crypto value:

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 graph above, Dogecoin has observed some strong upward momentum in recent days.

Although the weekly gains of the crypto are incredible, the last 24 hours have not been so kind to it. In this period, the original memecoin has taken a beating of around 13%.

There had been some signs that whales were preparing to dump yesterday as they transferred a large number of coins to exchanges. It is possible that this sale was responsible for the price drop today.

Before this decline, DOGE’s price was up more than 110% over the previous seven days. Nevertheless, regardless of the pullback, the fact remains that the coin has seen some explosive growth lately, and as a result, the memecoin has jumped to the top of the crypto list by market capitalization.

The table below 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 list by market capitalization, passing Cardano to do so.

Although currently the gap between the two is only about $1.1 billion, so DOGE will need to see further growth in the coming days if it is to create a safe distance from ADA.

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

Rival coin Shiba Inu has also seen a decent rise recently, but it hasn’t been nearly as sharp as Dogecoins. As a consequence, SHIB is still only 13th on the list.

Regarding ADA’s recent trend, the 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