Shiba

Cardano

2024

Dogecoin

Shiba Inu

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Dogecoin (DOGE), the cryptocurrency that started as a joke but quickly became a popular digital asset, has just <a href="https://www.coingecko.com/">overtaken</a> Cardano (ADA), securing its position as the eighth-largest cryptocurrency by market capitalization.&nbsp;
According to the latest data, Dogecoin boasts a market cap of approximately $28 billion, edging out Cardano's $27.3 billion.&nbsp;
This development has caught the attention of industry observers, including Charles Hoskinson, the founder of Cardano, who jokingly declared the beginning of what many are calling "alt-season."
<blockquote>
 That moment Doge flips Cardano. It's officially alt-season kids <a href="https://t.co/cjNGNGKoi3">pic.twitter.com/cjNGNGKoi3</a>— Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1764821346385854533?ref_src=twsrc%5Etfw">March 5, 2024</a>
</blockquote> 
<h2 id="dogecoin-s-bullish-metrics">Dogecoin's bullish metrics</h2>
According to data from IntoTheBlock, Dogecoin's current metrics show a robust and bullish sentiment among holders.&nbsp;
A significant 89% of <a href="https://u.today/dogecoin-doge-bullish-run-ended-abruptly-reasons">Dogecoin</a> holders are currently profitable at its current price, indicating widespread gains across the board. This is complemented by a high concentration of large holders, which stands at 65%, suggesting a strong holding pattern among major stakeholders.&nbsp;
Dogecoin's price correlation with Bitcoin remains high at 0.9. The meme coin has significantly outperformed Bitcoin over the past week, surging by more than 100%. &nbsp; &nbsp;&nbsp;
In terms of holding periods, 60% of Dogecoin's holders have been invested for over a year, indicating long-term confidence, while 30% have held for one to twelve months, and only a small fraction of 11% for less than a month.
The coin has also seen substantial transactions of over $100K in the past week, totaling $5.72 billion.&nbsp;
<h2 id="shib-s-surging-trading-volume">SHIB's surging trading volume</h2>
Moving onto <a href="https://u.today/shiba-inu-shib-price-jumps-33-as-millions-of-tokens-set-ablaze">Shiba Inu (SHIB)</a>, another meme coin that has been making waves in the cryptocurrency market.&nbsp;
SHIB is currently nipping at the heels of Dogecoin, not in terms of market cap but in trading volume, a vital sign of liquidity and market interest.&nbsp;
Shiba Inu has seen a staggering trading volume of over $16 billion in the last 24 hours, surpassing Dogecoin's $9.3 billion.&nbsp;
With such momentum, the question arises if SHIB could eventually overtake DOGE not just in trading volume but also in market cap, a possibility that market participants are watching closely. The second-largest meme coin is up a whopping 286% over the past week.&nbsp;

Dogecoin (DOGE) Overtakes Cardano (ADA). Is Shiba Inu (SHIB) Next?

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