After its 26% rally within the final 24 hours, Dogecoin (DOGE) has flipped Cardano (ADA) in market cap, making the meme coin the seventh largest asset within the sector.
Dogecoin Has Observed A Strong Surge Over The Past Day
While the cryptocurrency market as an entire has loved some robust upwards momentum in the previous few months, DOGE couldn’t fairly put collectively any uptrend as spectacular as a few of its friends, which result in it falling behind them.
Over the final day, nonetheless, Dogecoin lastly appears to have noticed some sharp enhance of its personal. At the time of writing, DOGE is buying and selling round $0.0984, up 26% previously 24 hours.
Here is a chart that reveals how the unique meme coin has carried out not too long ago:
Looks like the worth of the asset has rocked up as we speak | Source: DOGEUSD on TradingView
As you possibly can see within the above graph, the worth of Dogecoin had been consolidating throughout many of the previous month, however the development has considerably deviated over the past day.
The cause behind this robust surge within the asset’s worth appears to be the truth that Elon Musk’s Twitter has modified its icon to a picture of the favored Doge meme, on which the cryptocurrency relies.
It’s presently unclear what this transfer means, or if it’s a change that might stick round for too lengthy. Nonetheless, the swap to the Doge icon has been sufficient to construct up ample hype across the meme coin to gas this value rally.
Following this surge, there additionally appears to be like to have been some enormous whale transfers made on the blockchain, as knowledge from the cryptocurrency transaction tracker service Whale Alert reveals.
🚨 🚨 🚨 650,000,000 #DOGE (65,559,028 USD) transferred from unknown pockets to unknown wallethttps://t.co/j1HVESp3fT
— Whale Alert (@whale_alert) April 3, 2023
🚨 🚨 300,000,000 #DOGE (27,687,117 USD) transferred from unknown pockets to unknown wallethttps://t.co/dwX7rx5Hi0
— Whale Alert (@whale_alert) April 3, 2023
While these transfers might have been indicators of enormous purchases from these humongous holders, they is also a touch of a selloff. However, since they don’t appear to be heading towards exchanges, it’s doable that they weren’t made with the intent of promoting in spite of everything. At least to date, the worth hasn’t reacted negatively to those actions.
After this speedy rise within the value, Dogecoin’s year-to-date (YTD) returns have hit round 40% within the inexperienced, that means that the asset has now caught up with its meme coin rival, Shiba Inu (additionally with 40% YTD income).
DOGE Has Flipped ADA In Market Cap
Dogecoin had beforehand been the eighth largest coin in the complete sector, however with this newest rally, the meme coin has superior up the highest cryptocurrency by market cap listing. The beneath desk reveals the place the asset stands amongst its friends now.
The market cap of the asset appears to be round $13.7 billion in the intervening time | Source: CoinMarketCap
Cardano was earlier the holder of the seventh spot on this listing, however the coin has now fallen to the eighth spot after Dogecoin overtook it. The hole between the 2, nonetheless, isn’t an excessive amount of proper now, so DOGE might nonetheless slip beneath ADA once more within the close to future.
If the meme coin can proceed this upwards momentum, nonetheless, a extra correct margin between the 2 might find yourself being created, thus permitting DOGE to carry onto the spot extra tightly.
Featured picture from Kanchanara on Unsplash.com, chart from TradingView.com
