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Cardano’s native token is one of the most active digital assets this week and is currently trading between $1.13 and $1.23. Although its price is low compared to the industry leaders this week, led by Bitcoin and XRP, ADA’s performance relative to other altcoins is still a source of hope for many.
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One market analyst even saw Cardano’s ADA finally surpassing Dogecoin in the list of top cryptos by market cap.
A recent comparison analysis of Cardano and Dogecoin shows the dominance of the former over the top meme coin. ADA is up 14% in the last week, while Dogecoin is up 7%. And if we look at the top time, ADA is again showing power and dominance over Dogecoin.
In the past month, ADA has increased by 230%, while Dogecoin has registered an increase of 116%.
Can We Expect A Flip?
Both Cardano and Dogecoin are in the Top 10 cryptos by market cap, with Dogecoin ranked 7th and Cardano 8th. Only about 20 billion separate these two best performing altcoins. And for crypto analyst Dan Gambardello, there is a strong possibility that Cardano could flip the script in the next few days.
today it is 1.84 $ $ADA it would have turned $DOGE.
The time is approaching.
The event is near. pic.twitter.com/yTbcKe91Hc
— Dan Gambardello (@cryptorecruitr) December 5, 2024
In a Twitter/X post, Gambardello predicted that the ADA would pass Doge and that the time was “closer and closer.” Interestingly, after overtaking Cardano this year, DOGE passed XRP and USDC to become the sixth largest crypto by market capitalization, with $69 billion in revenue last month. However, the Dogecoin market value dropped after hitting a high of $0.47992.
Cardano, on the other hand, is making its move, supported by strong macroeconomic data. Recently, Cardano reached a multi-month high, increasing its market cap to $45.8 billion. Given this bullish rise 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 Hit $1.84
According to Gambardello, $1.84 is the magic number for Cardano to flip the script and top Dogecoin. However, he did not specify a specific time for this price event. With a total supply of $45 billion, an increase of $1.84 will push the token’s market capitalization to $64.63 billion. This price would pass ADA to Doge, which sits at $64.3 billion at the current market place.
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Before making this assertion, the analyst first targeted a $3 price for ADA. Analysts also share that Cardano’s version of the bull run will start once it gets the attention of institutions that want to offer exchange-traded funds or ETFs, similar to what happened to XRP.
At the time of writing, ADA is trading between $1.13 and $1.23, with a market cap of $41.55 billion.
Featured image from VOI, chart from TradingView