- Cardano ADA is struggling to hold support at $0.30.
- Cardano’s recent underperformance has led to Dogecoin surpassing the token.
- Despite the top dog memecoin flipping ADA, Cardano’s DeFi ecosystem continues strengthening.
Cardano Bulls’ dominance is proving fleeting as they struggle to hold ADA above support in the face of mounting sell pressure, leading to ADA tumbling by 4% towards the $0.30 level.
With the Bears reclaiming control, the Bulls are putting in a valiant effort to defend the $0.30 level. As chaos between the two camps intensified, Dogecoin saw an opportunity to pounce ahead of Cardano, shaking up the crypto landscape.
DOGE Jumps Over Cardano
On July 25, Dogecoin triumphantly secured the 7th spot in total market cap rankings, clinching the coveted position from Cardano. At press time, Dogecoin’s market capitalization soared to an impressive $10.7 billion, with DOGE exchanging hands at $0.076 and a titanic daily trading volume of $1.4 billion.Â
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In comparison, Cardano’s market cap stood at $10.6 billion, falling just short by $100 million, with a daily trading volume of $230 million.
Dogecoin’s unprecedented growth comes from Twitter’s makeover to ‘X’ under Elon Musk. Rumors are swirling that DOGE might become the official cryptocurrency of the revamped platform and may even be integrated for payments on the social media giant.
Investor excitement surrounding this news has propelled Dogecoin to defy current bearish sentiment, where most altcoins like Cardano are experiencing a 5% decline, to enjoy over 6% gains over the past day.
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While ADA is grappling with its price action, Cardano’s DeFi ecosystem, on the other hand, has been thriving under this pressure.
Cardano DeFi perseveres
Cardano’s DeFi ecosystem has been on an impressive trajectory this year, consistently recording new all-time highs. Its Total Valued Locked (TVL) in ADA recently broke through 600 million, marking a 300% increase since the start of the year.
With this milestone, Cardano is positioned as one of the fastest-growing networks in terms of its native currency, outclassing major chains like Ethereum, Solana, and Polygon. While the market is tinged with panic as investors closely monitor ADA’s next move, Cardano’s DeFi ecosystem continues to exhibit resilience and strength, steadily scaling despite the FUD plaguing the market.
On the Flipside
- As a result of Bitcoin plummeting on July 24, Crypto markets saw staggering liquidation of $83 million worth of crypto assets within a mere five-minute window.
Why This Matters
While Cardano’s price action has stagnated this quarter, its DeFi ecosystem continues to grow and demonstrate strength.
More on Cardano:
Cardano Bulls Struggle to Hold Support as ADA Nears $0.3
Read the last Cardano regular:
DailyCoin Cardano Regular: IOG Drama, Mithril Mainnet, Bullish Recovery
