Dogecoin (DOGE) Overtakes Cardano (ADA). Is Shiba Inu (SHIB) Next?

Dogecoin (DOGE), the cryptocurrency that started as a joke but quickly became a popular digital asset, has just overtaken Cardano (ADA), securing its position as the eighth-largest cryptocurrency by market capitalization. 

According to the latest data, Dogecoin boasts a market cap of approximately $28 billion, edging out Cardano's $27.3 billion. 

This development has caught the attention of industry observers, including Charles Hoskinson, the founder of Cardano, who jokingly declared the beginning of what many are calling "alt-season."

Dogecoin's bullish metrics

According to data from IntoTheBlock, Dogecoin's current metrics show a robust and bullish sentiment among holders. 

A significant 89% of Dogecoin holders are currently profitable at its current price, indicating widespread gains across the board. This is complemented by a high concentration of large holders, which stands at 65%, suggesting a strong holding pattern among major stakeholders. 

Dogecoin's price correlation with Bitcoin remains high at 0.9. The meme coin has significantly outperformed Bitcoin over the past week, surging by more than 100%.     

In terms of holding periods, 60% of Dogecoin's holders have been invested for over a year, indicating long-term confidence, while 30% have held for one to twelve months, and only a small fraction of 11% for less than a month.

The coin has also seen substantial transactions of over $100K in the past week, totaling $5.72 billion. 

SHIB's surging trading volume

Moving onto Shiba Inu (SHIB), another meme coin that has been making waves in the cryptocurrency market. 

SHIB is currently nipping at the heels of Dogecoin, not in terms of market cap but in trading volume, a vital sign of liquidity and market interest. 

Shiba Inu has seen a staggering trading volume of over $16 billion in the last 24 hours, surpassing Dogecoin's $9.3 billion. 

With such momentum, the question arises if SHIB could eventually overtake DOGE not just in trading volume but also in market cap, a possibility that market participants are watching closely. The second-largest meme coin is up a whopping 286% over the past week.