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After its 26% rally in the last 24 hours, Dogecoin (DOGE) has flipped Cardano (ADA) in market cap, making the meme coin the 7th largest asset in the sector.
Dogecoin Has Observed A Strong Surge Over The Past Day
While the cryptocurrency market as a whole has enjoyed some strong upwards momentum in the last few months, DOGE couldn’t quite put together any uptrend as impressive as some of its peers, which lead to it falling behind them.
Over the last day, however, Dogecoin finally seems to have observed some sharp increase of its own. At the time of writing, DOGE is trading around $0.0984, up 26% in the past 24 hours.
Here is a chart that shows how the original meme coin has performed recently:
Looks like the value of the asset has rocked up today | Source: DOGEUSD on TradingView
As you can see in the above graph, the price of Dogecoin had been consolidating during most of the past month, but the trend has significantly deviated over the last day.
The reason behind this strong surge in the asset’s value seems to be the fact that Elon Musk’s Twitter has changed its icon to an image of the popular Doge meme, on which the cryptocurrency is based.
It’s currently unclear what this move means, or if it’s a change that would stick around for too long. Nonetheless, the switch to the Doge icon has been enough to build up sufficient hype around the meme coin to fuel this price rally.
Following this surge, there also looks to have been some huge whale transfers made on the blockchain, as data from the cryptocurrency transaction tracker service Whale Alert shows.
🚨 🚨 🚨 650,000,000 #DOGE (65,559,028 USD) transferred from unknown wallet to unknown wallethttps://t.co/j1HVESp3fT
— Whale Alert (@whale_alert) April 3, 2023
🚨 🚨 300,000,000 #DOGE (27,687,117 USD) transferred from unknown wallet to unknown wallethttps://t.co/dwX7rx5Hi0
— Whale Alert (@whale_alert) April 3, 2023
While these transfers could have been signs of large purchases from these humongous holders, they could also be a hint of a selloff. However, since they don’t seem to be heading toward exchanges, it’s possible that they weren’t made with the intent of selling after all. At least so far, the price hasn’t reacted negatively to these movements.
After this rapid rise in the price, Dogecoin’s year-to-date (YTD) returns have hit around 40% in the green, meaning that the asset has now caught up with its meme coin rival, Shiba Inu (also with 40% YTD profits).
DOGE Has Flipped ADA In Market Cap
Dogecoin had previously been the 8th largest coin in the entire sector, but with this latest rally, the meme coin has advanced up the top cryptocurrency by market cap list. The below table shows where the asset stands among its peers now.
The market cap of the asset seems to be around $13.7 billion at the moment | Source: CoinMarketCap
Cardano was earlier the holder of the 7th spot on this list, but the coin has now fallen to the 8th spot after Dogecoin overtook it. The gap between the two, however, isn’t too much right now, so DOGE could still slip below ADA again in the near future.
If the meme coin can continue this upwards momentum, however, a more proper margin between the two could end up being created, thus allowing DOGE to hold onto the spot more tightly.
