- The market cap of Dogecoin has surpassed that of Cardano by $4 billion.
- The meme coin is worth $0.1351 after gaining 130% in seven days.
- Six weeks back, DOGE traded at a measly $0.06156, with a market value of $8 billion.
After Elon Musk’s last week’s takeover of the social networking platform Twitter, investor appetite for the most popular meme token has skyrocketed significantly.
Data available on the market tracking website CoinMarketCap shows that Dogecoin (DOGE) has flipped Cardano (ADA) to become the eighth most prominent cryptocurrency in the world by market capitalization.
The meme coin currently trades at $0.1351, with over 60% appreciation in the previous 24 hours, putting its seven-day cumulative performance above 130%. Exactly six weeks ago, Coin Edition reported that DOGE had surpassed Polkadot (DOT) to be the tenth-largest cryptocurrency by market share. At the time, DOGE traded at a measly $0.06156, with a market value barely above $8 billion.
Interestingly, current data from the market shows the DOGE meme token gained over 100% of its value in a month. The current market value of DOGE and ADA are over $18 and $14 billion, respectively, with DOGE leading by over four billion. Notably, DOGE claimed the $4 billion increase over Cardano within 24 hours.
Another interesting fact is that the trading volume of DOGE over ADA within the last 24 hours is over 140% apart. While nearly $15 billion worth of buying and selling happened with the meme token, ADA’s 24-hour trading volume is below $1 million. Nonetheless, the Cardano token’s performance within the previous seven days has been impressive, with over 19% gains.
The crypto market, in general, has been bullish since last week, with BTC gaining over 9%. Ethereum (ETH) was the second-best performer in the market after DOGE, with over 25% in seven days. Ethereum is worth $1,635, the highest value seven weeks after its blockchain migrated to the efficient proof-of-stake consensus.
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