Towards the end of October, when Musk’s Twitter deal was sealed, DOGE flipped ADA. After the hype fizzled out, Cardano tried to overtake the meme coin in mid-November but it was unable to do so.
Now, the flippening finally took place. At the $9.5 billion threshold on Sunday, Cardano marched ahead of Dogecoin. Its recent 26% rally took its market-cap north of $11 billion at press time. The meme coin’s aggregate valuation, however, remained flat at around $10 billion.
Is The Flip Sustainable?
Cardano and Dogecoin seemed to be fighting tooth and nail against each other at press time. Dogecoin started officially started trading around this time in 2014. The same is a landmark event. Notably, the price of the asset managed to incline by 6% over the past 24 hours to honor the same.
Alongside, “DogecoinToTheMoon” was trending on Twitter and large transactions are on the rise. At press time, data from WhaleStats revealed that the OG meme-coin was a part of the top 10 purchased tokens of the 500 biggest BSC whales.
Cardano, however, was ahead in the race. Leaving aside the double-digit weekend rally, the project has fundamental backing at this point.
The total value of funds locked on Cardano attained a 2-month high on Monday. Wingriders, SundaeSwap, MiniSwap, and Indigo were four of the many projects that noted double-digit gains over the past 24 hours and pushed Cardano’s total figure to $67 million.
Additionally, the number of transactions fostered by the DeFi applications also seemed to be healthy. Over the past 30 days, 235k and 120k transactions took place on Miniswap and SundaeSwap alone.
Footnote
As shown below, ADA eclipsed DOGE for the most part of last year’s bear cycle. Only during hype-peaks, Dogecoin outshined it. For now, the $1 billion market cap gap seems to be wide enough to bridge over the short term.
However, if the “DogecoinToTheMoon” campaign gains momentum, another overtake can be expected. Else, the baton will likely remain in Cardano’s hands and we might witness a 2.0 version of last year’s ranking contest.
