Dogecoin (DOGE) has once again overtaken Cardano (ADA) to become the eighth-largest cryptocurrency.
According to the latest market data, Dogecoin’s market cap has soared to approximately $28 billion, edging out Cardano’s valuation of $27.3 billion.
The chief meme cryptocurrency managed to achieve this after making a stunning V-shaped recovery. It is worth noting that Dogecoin has significantly outperformed other altcoins over the past 24 hours. In fact, it is the fifth best-performing cryptocurrency in the top 100 over the past 24 hours.
According to the latest IntoTheBlock data, approximately 57.62% of addresses are “in the money,” holding Dogecoin at a profit. At the same time, 34.15% are “out of the money,” indicating holdings at a loss. A minor portion, 8.22%, sits “at the money.”
Moreover, the market has witnessed significant activity, with 4.33K large transactions recorded in the last 24 hours alone, matching a seven-day high.
As reported by U. Today, the market cap of Dogecoin also briefly surpassed Cardano earlier this March. Cardano founder Charles Hoskinson took a light-hearted jab at the popular meme coin: “It’s officially alt-season kids.”
With that being said, Dogecoin still has a long way to go until it manages to reach its previous peak. The most popular meme coin is still down a whopping 76% from its all-time high despite the fact that Bitcoin and some altcoins recently reached new peaks.
Back in April 2021, as reported by U. Today, Dogecoin managed to reach fourth place by market capitalization, surpassing Ripple-affiliated XRP and various other cryptocurrencies. The meme coin even surpassed car manufacturing giant BMW by market value in a stunning feat.
According to the latest market data provided by CoinGecko, Dogecoin is currently trading at $0.17.