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The cryptocurrency market, with special features on altcoins like Dogecoin (DOGE), is witnessing volatility as prices rise and fall on the heels of varying sentiment. Notably, the market experienced a mild rally ahead of the expected announcement of a policy shift by the U.S. government. However, positive anticipation from the Digital Asset Summit held in New York appears to have waned.
DOGE challenges ADA for eighth spot
The fluctuation has positioned Dogecoin to flip Cardano (ADA) from eighth place in the rankings, per market capitalization. The largest meme coin in crypto was in a rivalry with Cardano in March, with eachtrying to outperform the other.
Interestingly, despite DOGE recording a drop in price by 2.79%, the meme coin is on course to surge past Cardano.
As of this writing, DOGE is changing hands at $0.1671, with a $24.94 billion market cap. Analysts say the price decline could have been triggered by a drop in investors’ activities. Notably, the trading volume has decreased by 37.78% to $833.1 million in the last 24 hours.
This pullback comes after DOGE's trading volume skyrocketed by over 55% in 24 hours. The meme coin saw approximately $1.31 billion change hands between market participants.
Dogecoin preceded this with a 400% surge in the number of active addresses and a resultant uptick in blockchain activity. The spike followed a surge in network engagement and bullish market sentiment.
Can DOGE sustain flipping of ADA?
Market observers maintain that DOGE’s bullish performance lately could help it reclaim eighth place from Cardano.
They opine that a rebound in the price of DOGE could see the meme coin’s market cap soar past that of ADA, which is now pegged at $25.08 billion.
As of this writing, ADA has declined by 2.64% to trade at $0.7072, while its trading volume is also downward. In the last 24 hours, trading volume dipped by 24.39% to $831.95 million.
Read original article on U.Today