The total market capitalization of the Cardano network (ADA) surpassed that of the popular digital currency Dogecoin (DOGE). Ada’s price is recovering from its second biggest drop since inception.
According to Valex and quoted by Cryptoglobe, at the time of writing this article, Cardano is the eighth largest digital currency in terms of market capitalization after crossing the $12.09 billion mark. The price of Cardano has grown by more than 8% in the last seven days and by more than 31% in the last 30 days.
Meanwhile, Dogecoin is the ninth largest digital currency in the market with a market cap of $11.16 billion and its price has increased by 7.14% over the past seven days. Over the past month, DOGE has experienced a roughly 9% increase in value, significantly underperforming Cardano.
Most of the owners of MimCoin, the first market, are still in profit, despite the one-year bear market in the digital currency space, which has seen the value of most digital assets fall.
According to data from the site IntoTheBlock, 57% of addresses containing doge are “in profit”; This means that their purchase price is lower than the spot price of Dogecoin. 41% of the owners are in losses and the rest are at break even.
The price of Cardano has improved significantly this year. After losing 81.2% of the value of Cardano during the last year, the price of this currency has found a much better situation in 2023.
IOG, the company responsible for Cardano’s research and development, recently introduced a software tool that allows developers to easily launch their own sidechains.
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