DOGE vs ADA: The Potential Currencies of Crypto Market

Cryptocurrencies have suffered a lot throughout the year, and now the FTX collapse added some toppings over the harsh market conditions of the crypto ecosystem.

Here, two of the most-traded cryptocurrencies that came on eighth and ninth place in the ranking, are Dogecoin and Cardano. These currencies have the potential to sweep the market. But, here the question is which one will touch US$1 first.

Dogecoin

No doubt, Dogecoin remains Elon Musk’s favorite cryptocoin thus it does not have looks to waned. Recently, Mr. Musk added the meme coin to the list of coins that will have a good “future.”

The above graph chart indicates YTD performance of Dogecoin (DOGE.) While its current price is $0.085557 USD with a 24-hour trading volume of $568.82 Million USD. The meme coin is down 2.91% in the last 24 hours. And it has a current market cap of $11.35 Billion USD.

Mr. Musk added a tweet in recent times in which he shared his thoughts on the current market conditions. And named Bitcoin, Ethereum along with Dogecoin as the likely candidates.

He said that he thinks there probably is a future for Bitcoin, Ethereum, and Dogecoin, and he is not sure about the remaining currencies. If these three coins are resting in a cold wallet of an exchange then the thing will surely work out.

He also made his comment on Sam Bankman-Fried, that he had first heard of SBF in April 2022 in relation to the Twitter acquisition deal. He added “I got a ton of people telling me he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal.” It must be noted that Mr. Musk would deny SBF’s bid to invest in the Twitter deal.

Cardano

The crypto community considered Cardano (ADA) could not take FTX’s latest demise, being one of the most-active tokens traded on the platform. As it is declining in its price thus most of the investors think to stay quiet away from their investment in this coin.

The current price of Cardano is $0.327408 USD with a 24-hour trading volume of $270.82 Million USD. It is down 2.67% in the last 24 hours. Its current market cap is $11.26 Billion USD.

Still, short-term ADA holders suffered losses because the 30-day MVRV was in negative territory. But its upward movement suggests that losses have narrowed due to improved sentiment and price recovery.

Dogecoin may have the potential to sweep the market in a single go but on the other hand, Cardano is arguably the most sophisticated blockchain on the market with a peer-reviewed and multi-layered smart platform that supports numerous smart capabilities.