In a surprising move that captured the attention of enthusiasts and investors, Dogecoin (DOGE) has claimed its position as the eighth-largest cryptocurrency by market cap, surpassing Cardano (ADA).

With a valuation that catapulted its market capitalization to approximately US$25 billion, Dogecoin left behind Cardano’s valuation, which stood at US$22 billion. This milestone is the result of a remarkable recovery.

Dogecoin’s rise has not gone unnoticed, standing out as one of the best performing altcoins in the last 24 hours among the top 100 cryptocurrencies. According to recent analysis, around 57.62% of Dogecoin addresses are currently in profit, while 34.15% are facing losses, and a small fraction, 8.22%, are at break-even. This scenario highlights active and optimistic participation on the part of the community that supports the meme cryptocurrency.

Furthermore, the Dogecoin market demonstrated intense activity, with a record of 4.33 thousand large transactions in the last 24 hours, reaching the peak movement of the week. This dynamism reinforces Dogecoin’s popularity and liquidity, important attributes for the sustainability of its value in the long term.

Charles Hoskinson, founder of Cardano, commented on the friendly rivalry with Dogecoin, describing it as “officially children of the alternative station”. Despite the jocular tone, Dogecoin’s performance is noteworthy. However, even with this recent success, Dogecoin is still 76% below its all-time high value, a reminder of the highly volatile and unpredictable nature of the cryptocurrency market.

Historically, in April 2021, Dogecoin had already made history by surpassing big names like XRP in the market. Currently trading at $0.1725, the cryptocurrency continues to be a hot topic of discussion and speculation within the investment community.

#Dogecoin EMA 100 (green line) just surpassed the EMA 200 (purple line) in a period of 3 days. This bullish crossover is painting the charts with excitement! Hold on to your seats, doge #Dogecoin #Bullish these @david_dogecoin.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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