Dogecoin Gains Ground on Cardano as Bitcoin Falls to Sub-$29K Levels

Meme cryptocurrency Dogecoin (DOGE) is gaining on Cardano (ADA), according to data provided by CoinGecko. The joke coin’s market cap now sits just shy of Cardano’s at approximately $10.4 billion.

Other top cryptocurrencies show mixed performance, with Ethereum (ETH) holding steady at approximately $1,844, and Binance Coin (BNB) and XRP recording slight drops.

Meanwhile, Dogecoin seems to be bucking the trend, showing an increase of 2.9% over the past 24 hours, currently trading at $0.075. In contrast, Cardano (ADA) has experienced a disappointing decrease of 2.3% over the past week, reducing its value to a modest $0.303

Dogecoin’s surprising rally comes on the heels of Twitter’s high-profile rebranding to ‘X’ under its new owner, Elon Musk. The rebranding was accompanied by Musk hinting at a future integration of Dogecoin payments on the platform, leading to a surge in investor interest and triggering a price spike.

According to Spencer Hallarn, a derivatives trader at crypto investment firm GSR, Bitcoin’s consolidation at around $30,000 was due to the market awaiting incremental information regarding the myriad of exchange-traded fund (ETF) filings coming to fruition.

He also noted that the increased enthusiasm for altcoins following the XRP ruling has diverted capital from the majors, contributing to the loss of price momentum.

In early, Dogecoin experienced a dramatic surge in value, driven largely by tweets and public support from tech billionaire Musk. Since then, the cryptocurrency has seen a drastic drop of nearly 89% from its all-time high. Dogecoin’s future trajectory remains uncertain since it hinges on the whims of its most famous supporter.

As reported by U.Today, Musk’s rebranded social media platform, X (formerly Twitter), is advancing toward integrating cryptocurrency payments, with Twitter Payments LLC acquiring licenses in several states to facilitate crypto transactions.