Main navigation

Cardano Beats Dogecoin (DOGE) in Market Cap Top as ADA Price Spikes Higher

Sun, 01/15/2023 - 11:47
article image
Gamza Khanzadaev
Cardano finally reclaims its market cap top spot from DOGE
Cardano Beats Dogecoin (DOGE) in Market Cap Top as ADA Price Spikes Higher
Cover image via
Read U.TODAY on
Google News

Cardano's native blockchain token, ADA, has overtaken Dogecoin (DOGE) in the CoinMarketCap ranking of major cryptocurrencies. With ADA up more than 15% over the past week, the Cardano token has gained $2 billion in capitalization.

ADA v. DOGE by CoinMarketCap

At the same time, the price of DOGE, following growth across the entire crypto market spectrum, climbed less than 14% and as a result added only $1.3 billion to the market valuation of the entire Dogecoin offering.

As of today, the Cardano token is the eighth largest crypto asset by capitalization, while Dogecoin is the ninth. Both tokens are relatively far from their closest neighbors, with the Polygon blockchain token (MATIC) rounding out the top 10 of the ranking and the stablecoin from Binance, BUSD, sitting at the nearest top.

Cardano-Based Stablecoin Djed on Track to Be Launched This Month

What is behind growth of Cardano token?

Globally, the rise in ADA's price has been influenced by the rise in the cryptocurrency market, which has happened fully in the last seven days. However, it is important to look behind the scenes at Cardano as a blockchain now, especially as after almost 30 days a fresh development report has been released.

Source: Essential Cardano

In that time, 2.1 million transactions have passed through the blockchain since mid-December, with the total now at 58.7 million. At the same time, 11 new projects have come to Cardano, with a total of 1,162, and one has been fully launched. Equally important is the news of the release of the first iteration of a toolkit for creating custom sidechains for Cardano.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.