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 tokenâ€™s market capitalization has now moved from $11 billion to the $21.8 billion mark.
Four Ranked Tokens
As a result, the open-source blockchainâ€™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.
As markets.Bitcoin.com charts show, the ADA token also briefly peaked at $0.69 for the first time since January 2018. However, the new 52 week high is still half of the all-time high of $1.30.
Dogecoinâ€™s Continuing Rise
In the meantime, Elon Muskâ€™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 tokenâ€™s market capitalization of $9.8 billion sees ADA pip the Chainlink token into the tenth place.
Meanwhile, despite dogecoinâ€™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 dogecoinâ€™s distribution which they say is very concentrated.
Still, others like Twitter user Investor Alex say they â€œdo not think dogecoin is going away any time soon.â€ The user insists that the tokenâ€™s rise is the perfect demonstration of â€œthe power of retail investors and celebrity endorsements.â€
What are your thoughts on ADA and Dogecoinâ€™s new rankings? Tell us what you think in the comments section below.
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