- Cardano recently lost its spot to Dogecoin.
- After an intense battle, Cardano has reclaimed its spot.
- Cardano’s triumph comes after US lawmakers voted in favor of historic crypto legislation.
Dogecoin recently stole the spotlight, pouncing past Cardano in total market cap rankings following Twitter’s mega rebrand to ‘X.’ However, the top dog memecoin appears to be losing steam as its dominance over ADA proves fleeting.
With Cardano now back in its position, the question remains: Will ADA hold its spot, or will it yield to the mighty DOGE again?
Cardano Welcomed Back into Its Spot
After losing its coveted spot to Dogecoin, Cardano has successfully reclaimed the 7th position in total market cap rankings. At press time, Cardano’s market capitalization stood at an impressive $10.9 billion, with ADA trading at $0.31 apiece.
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In contrast, Dogecoin’s market cap fell just short, hovering at $10.85 billion, with a daily trading volume twice as large as ADA’s.
Cardano’s triumph comes at the heels of the US House Financial Services Committee advancing a set of groundbreaking crypto bills, which promise to provide much-need clarity to ADA’s regulatory status in the US, alleviating its struggles and opening doors for its continued innovation and adoption.
The excitement surrounding the bill allowed Cardano Bulls to charge ahead, defying the bearish sentiment affecting many other altcoins like Ripple, Polygon, and Solana, which have plunged 8% over the past week.
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With this renewed vigor, investors expect Cardano to outperform its competitors and continue its rally to revisit the June-High at $0.38. In the following weeks, Cardano Bulls and Bears will engage in fierce competition for dominance over ADA, with the former eyeing liquidity above $0.35 and the latter looking to revisit $0.25.
On the Flipside
- It’s worth noting that the Financial Services Committee’s crypto bills aren’t signed into law yet, and House members will discuss the acts to determine if they will move to the Senate and President for approval.
- Dogecoin is only 0.4% behind Cardano and could once again surpass ADA.
Why This Matters
Cardano regaining its position signals its strength and potential for continued growth. This achievement could instill confidence in investors and allow ADA to rally even more.
Find out how Cardano is outperforming its competitors in reliability:
Cardano Boasts Zero Downtime in Over Six Years, Outclassing Competitors
Read how the Blockchain Regulatory Certainty Act protects ADA:
Cardano and Blockchain Regulatory Certainty Act: A Step Towards Clarity?
