Dogecoin (DOGE) is on its way to reclaiming its spot in the crypto ranking, potentially surpassing Cardano (ADA). Currently, DOGE is in ninth place, but recent price increases have set the stage for a new shift in rankings.
Current Market Standings
Currently, DOGE's market value is $25.35 billion, while ADA slightly leads at $25.71 billion. A 3% price increase brings DOGE closer to flipping Cardano again. According to CoinMarketCap, DOGE is now priced at $0.1704 with a 4% growth in market cap, driven by a 3.16% rise in open interest according to Coinglass.
Factors Behind Dogecoin's Rise
DOGE trading volume has reached $1.5 billion, and if this momentum continues, Dogecoin needs only about $360 million more to outrank Cardano. Previously, Cardano surpassed DOGE due to a price drop from a bearish trend, but the current positive shift may change the situation.
User Activity on DOGE
The number of active DOGE blockchain users has surged by 400%, reaching 395,000. This increase in activity, confirmed by crypto analyst Ali, could contribute to further price hikes.
Crypto markets change rapidly, and DOGE is gaining strength. However, it still needs a little more push to overtake Cardano.
