Cardano (ADA) Overthrows Terra (LUNA) to Become 8th-Largest Cryptocurrency Amid Market Dip 

Cardano has once again overthrown Terra and the coin looks set to overtake Solana in the global cryptocurrency rankings. 

The mid-sized correction that wiped off over 8% of the market valuation in two days has led to several developments in the digital currency market. 

While the recent dip has not been a pleasant experience for cryptocurrency traders, many who missed out on previous opportunities to increase their cryptocurrency holdings in the past have racked up more digital currencies in recent price dips. 

ADA Market Cap Soars Above LUNA

The continuous accumulation of cryptocurrencies, including Cardano, saw the ADA coin overtake Terra (LUNA) to become the eighth-largest cryptocurrency by market capitalization, nearly a month after the latter flipped ADA in the crypto ranking. 

Cardano recorded the milestone after seeing its market valuation increase by nearly $1 billion in the last 24 hours. At the time of writing this line, ADA currently boasts a market capitalization of $26.05 billion with a 24-hour trading volume of $1.09 billion. 

On the other hand, Terra’s market cap slumped significantly during the mid-sized correction over the past two days. LUNA, which is the native cryptocurrency of Terra Labs, slumped to ninth position in the global cryptocurrency rankings after its market cap dipped to $25 billion. 

At press time, LUNA boasts a market capitalization of $25.03 billion, with a 24-hour trading volume of $2.48 billion. 

With Cardano overtaking Terra to become the eighth-largest cryptocurrency by market cap, the ADA coin is less than $1 billion away from usurping the seventh-biggest cryptocurrency Solana (SOL), which boasts of $27.02 billion market capitalization. 

Massive ADA Accumulation Bolstered Cardano’s Position

The recent development may come as a surprise to many people, who have not been following the happenings around Cardano in recent times. 

There has been an increased amount of whale accumulation of ADA this week. As reported, over 750,000 Cardano addresses bought a whopping 37.4 billion ADA this week, as part of efforts to keep the price from further dip. 

In a similar development, Cardano addresses holding between 1 million and ten million ADA purchased a combined 196 million ADA in the past week. 

Meanwhile, ADA is trading at $0.77 across major exchanges at the time of writing. 

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