• Dogecoin has surpassed Cardano in market capitalization, solidifying its position as the eighth-largest cryptocurrency.
  • As attention turns to Shiba Inu, the question arises whether it will follow suit and potentially overtake Dogecoin next.

Dogecoin (DOGE), the cryptocurrency born out of a meme, has achieved yet another milestone in its unpredictable journey through the crypto markets. Surging past Cardano (ADA) in terms of market capitalization, Dogecoin now sits comfortably as the eighth-largest cryptocurrency, with its ascent sparking both excitement and curiosity within the crypto community.

Dogecoin’s meteoric rise, propelled by social media buzz and celebrity endorsements, has seen it overshadowing more traditional cryptocurrencies like Cardano. With a market cap of around $28 billion, it has edged out Cardano’s $27.3 billion, marking a significant moment in the ongoing “alt-season.”

The founder of Cardano, Charles Hoskinson, couldn’t help but join in on the playful banter, acknowledging Dogecoin’s ascent with humor, a sentiment shared by many in the crypto space.

Analyzing Dogecoin’s current metrics reveals a strong and bullish sentiment among its holders. A remarkable 89% of Dogecoin holders find themselves in a profitable position at the current price, indicating widespread gains. Moreover, a substantial 65% of large holders exhibit a strong holding pattern, suggesting confidence among major stakeholders.

Maintaining a high price correlation with Bitcoin, Dogecoin has outperformed the flagship cryptocurrency by over 100% in the past week alone, showcasing its resilience and popularity among traders.

Delving into holding periods, it’s evident that Dogecoin enjoys substantial long-term confidence, with 60% of holders invested for over a year. This indicates a belief in the coin’s longevity and potential for future growth.

Additionally, Dogecoin has seen significant transaction volumes, with transactions exceeding $100K totaling a staggering $5.72 billion in the past week, underlining its robust activity and liquidity.

However, amidst Dogecoin’s triumph, another contender is swiftly gaining momentum. Shiba Inu (SHIB), often dubbed as the “Dogecoin Killer,” is emerging as a formidable force in the meme coin arena. While not yet rivaling Dogecoin in market cap, SHIB is making waves with its soaring trading volume, surpassing Dogecoin’s in the last 24 hours.

With an impressive 286% surge over the past week, SHIB is capturing the attention of market participants, prompting speculation about its potential to overtake Dogecoin, not just in trading volume but also in market cap.

As SHIB continues to gain traction and Dogecoin basks in its newfound glory, the crypto landscape remains as unpredictable and exhilarating as ever, with investors eagerly awaiting the next twist in this captivating saga.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.