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Dogecoin (DOGE) looks set to reclaim the eighth place it lost to Cardano (ADA) after it experienced bullish volatility on the market. Within the last 24 hours, DOGE has gained more than 3% as it posts a rebound rally in an encroaching shift for the meme coin market.
DOGE closes in on ADA amid market rebound
As per CoinMarketCap data, DOGE is changing hands at $0.1709. This development has pushed the market cap of DOGE up to $25.35 billion, closing the gap with Cardano, whose market cap stands at $25.71 billion.
Cardano had flipped DOGE following selling pressure on the top meme coin, which caused its price to drop briefly. ADA achieved the outlook due to bearish formation on the meme coin, which posed a challenge to it by breaching key resistance levels.
Godfrey BenjaminHowever, following a spike in DOGE's open interest by 2.11%, which saw 8.82 billion DOGE committed, the value of the meme coin registered an uptick.
Analysts opine that, if market participants actively engage in trading activity and the volume increases along with the price, this could fuel further gains.
DOGE needs a slight increase to cover the $360 million gap between it and Cardano. With the surge in open interest signaling bullish sentiment on the part of investors, the meme coin might accomplish the rally in no time.
On-chain activity strengthens Dogecoin’s position
Ali Martinez, renowned on-chain analyst, highlighted that DOGE’s technical indicators place the meme coin at a crucial point. While its price chart signals a bullish pattern, any reversal could negatively impact the future outlook of DOGE.
Alex DovbnyaWith the recent upsurge in price for DOGE, the coin looks likely to stay in the green with support from the ecosystem.
Notably, Dogecoin recently registered an uptick by almost 400% in the number of active addresses, which now total 395,000. All these metrics could trigger its attempt to reclaim its lost ranking from Cardano.
Vladislav Sopov
Dan Burgin