Dogecoin has surged past Cardano in market capitalization following a sharp price rally, accompanied by significant trading activity and liquidations. The meme cryptocurrency now commands a market valuation exceeding $40.7 billion, surpassing Cardano’s $31.6 billion standing.
DOGE’s price jumped 7.9% within 24 hours to reach $0.2713, while daily trading volume skyrocketed 62% to $6.27 billion. This bullish momentum triggered $3.61 million in liquidations during a single hour, with long positions representing nearly the entirety of these forced closures.
Market analysts maintain cautious optimism regarding Dogecoin’s trajectory. Co-founder Markus highlighted the potential for DOGE to reach the $1 threshold, reflecting renewed investor confidence and momentum despite inherent volatility.
The combined factors of substantial trading volume expansion, market cap growth, and influential endorsements underscore surging investor interest in the asset, positioning Dogecoin as a notable mover in the evolving cryptocurrency landscape.