Cardano Token Pips Dot Into Fifth Place After Price Surges by 85% —Elon Musk Endorsed Dogecoin Sets New All Time High
The Cardano network token has toppled Dot to become the crypto-asset with the fourth-highest market capitalization. This new Cardano position comes after its price surged by more than 85% from $0.35 on February 1 to $0.68 on February 7. With the new price, the token’s market capitalization has now moved from $11 billion to the $21.8 billion mark.
Four Ranked Tokens
As a result, the open-source blockchain’s ADA token has now become the third crypto to be ranked at number four within the first few weeks of 2021. Before ADA, it had been the XRP and Dot tokens that have been swapping this position.
Dogecoin’s Continuing Rise
In the meantime, Elon Musk’s favored crypto, dogecoin has surged to a new all-time high (ATH) of $0.0814. The new ATH follows continuing celebrity endorsement of the token with Snoop Dogg and Gene Simmons being the latest to talk up the token.
At the time of writing, the meme token was trading at $0.077, which translates to a gain of 24% in just 24 hours. At this price, the token’s market capitalization of $9.8 billion sees ADA pip the Chainlink token into the tenth place.
Meanwhile, despite dogecoin’s apparent endorsement by influential figures as well as its large traded volumes, many within the crypto industry remain skeptical about the token. Others have expressed concern about dogecoin’s distribution which they say is very concentrated.
Still, others like Twitter user Investor Alex say they “do not think dogecoin is going away any time soon.” The user insists that the token’s rise is the perfect demonstration of “the power of retail investors and celebrity endorsements.”
What are your thoughts on ADA and Dogecoin’s new rankings? Tell us what you think in the comments section below.