The native Cardano token is one of the top-performing digital assets this week and is currently trading at $1.13 and $1.23. While its price action pales in comparison to that of industry leaders this week, led by Bitcoin and XRP, ADA’s performance relative to other altcoins has still become a source of optimism for many.
One market analyst even sees Cardano’s ADA eventually overtaking Dogecoin on the list of top cryptocurrencies by market capitalization.
A recent comparative analysis of Cardano and Dogecoin reflects the former’s dominance over the top meme coin. ADA is up 14% in the last week, while Dogecoin is up just 7%. And if we look at a higher time frame, ADA is also showing strength and dominance over Dogecoin.
Over the past month, ADA is up 230%, while Dogecoin recorded a 116% increase.
Can we expect a change?
Both Cardano and Dogecoin are among the top 10 cryptocurrencies by market capitalization, with Dogecoin in seventh place and Cardano in eighth. Only about $20 billion separates these two top-performing altcoins. And for crypto commentator Dan Gambardello, there is a strong possibility that Cardano could flip the script in the coming days.
Currently, $1.84 $ADA would turn $DOGE.
The time is approaching.
The event is imminent. pic.twitter.com/yTbcKe91Hc
– Dan Gambardello (@cryptorecruitr) December 5, 2024
In a Twitter/X post, Gambardello predicted that ADA would surpass Doge and that the moment is “approaching and imminent.” Interestingly, after surpassing Cardano this year, DOGE surpassed XRP and USDC to become the sixth largest cryptocurrency by market capitalization, with a capitalization of $69 billion last month. However, Dogecoin’s market value fell after reaching a high of $0.47992.
Cardano, on the other hand, is taking action, backed by strong macroeconomic data. Recently, Cardano hit a multi-month high, increasing its market capitalization to $45.8 billion. Given this bullish surge in Cardano, Gambardello argued that Cardano is poised to outperform Doge. This will happen, according to the analyst, if Cardano reaches $1.84.
Cardano needs momentum to reach $1.84
According to Gambardello, $1.84 is the magic number for Cardano to flip the script and overtake Dogecoin. However, it did not identify a specific time period for this price event. With a total supply of $45 billion, a rise to $1.84 will raise the token’s market capitalization to $64.63 billion. This value will make ADA surpass Doge, which stands at $64.3 billion in the current market landscape.
Before making this statement, the analyst first targeted a price of $3 for ADA. Analysts also shared that Cardano’s version of a bull run will begin once it receives attention from institutions looking to offer exchange-traded funds or ETFs, similar to what happened with XRP.
At the time of writing, ADA is trading between $1.13 and $1.23, with a market capitalization of $41.55 billion.
Featured image from VOI, TradingView chart
Fountain: NewsBTC.com
