Is Dogecoin (DOGE) About to Outrank Cardano (ADA) Again?

Dogecoin (DOGE) is nearing a reclaiming of its position above Cardano (ADA) in the cryptocurrency rankings. Currently holding ninth place, DOGE's price has surged by 3%, significantly narrowing the gap with ADA.

DOGE's market capitalization currently stands at $25.35 billion, just slightly behind ADA's $25.71 billion. A continuation of this upward trend could see DOGE surpass ADA very soon.

According to CoinMarketCap, DOGE is trading at $0.1704, reflecting a 4% increase in market cap. This rise is partly attributed to a 3.16% increase in open interest, as reported by Coinglass.

DOGE Open Interest | Source: Coinglass

Approximately $1.5 billion worth of DOGE is currently committed to trading. Maintaining this momentum, Dogecoin requires roughly $360 million more to overtake Cardano in the rankings.

Cardano previously surpassed Dogecoin due to a period of bearish sentiment and price stagnation for DOGE, prompting investor sell-offs. However, the market dynamics are now shifting.

Furthermore, the number of active DOGE blockchain users has experienced a remarkable 400% increase, reaching a total of 395,000, as recently reported by crypto analyst Ali. This surge in user activity could contribute to further price appreciation.

DOGE Daily Active Addresses | Source: X

The cryptocurrency market is highly volatile, and significant changes can occur rapidly. While DOGE is currently gaining momentum, it still requires additional impetus to surpass Cardano.