Dogecoin Whales Drive Surge as DOGE Overtakes Cardano in Market Cap

Dogecoin witnesses a surge in whale activity, surpassing Cardano in market capitalization amidst price gains and significant transfers.

In a flurry of activity, Dogecoin (DOGE) has experienced a significant surge, both in trading volume and market capitalization, surpassing Cardano (ADA) in the crypto market rankings. Over the past week, DOGE daily trading volumes spiked by an astonishing 50% to reach $3.17 billion, accompanied by a remarkable 50% increase in price.

WhaleAlert, a prominent crypto tracking service, reported substantial transfers of Dogecoins over the last 24 hours, with involvement from anonymous whales using the Robinhood trading app. These transactions totaled an impressive two billion DOGE, indicating significant engagement from large investors.

Analysis of Whale Alert data reveals multiple massive DOGE transactions, each involving tens of millions of coins. Notably, approximately 1.87 billion DOGE, valued at nearly $196.9 million, was transferred, underscoring the active participation of whales in the DOGE market.

Interestingly, these whales withdrew nearly half of the total DOGE from Robinhood, only to deposit a similar amount back into the platform shortly afterward. This movement underscores the dynamic nature of large-scale transactions and highlights Robinhood significance in facilitating such activity.

Amid the broader crypto market rebound, DOGE price surged by 4.5% in the last 24 hours, reaching $0.18, with trading volume peaking at $3.28 billion. Consequently, DOGE has overtaken Cardano in market capitalization, currently standing at $26.05 billion compared to ADA $24.08 billion.

This is the first time DOGE has surpassed ADA, with a similar occurrence earlier in March. DOGE recent rally is attributed to developments surrounding Elon Musk X platform, securing essential state licenses for processing payments in the US.

Meanwhile, Cardano development activity has declined, impacting community confidence and its market position. To regain momentum, Cardano must focus on confidence-building measures to reclaim its position among the top cryptocurrencies.

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