Amid Cardano’s recent purple patch and Dogecoin’s underwhelming performance, analysts are speculating that ADA could reverse the market cap of meme coins.
Analysis of Cardano and Dogecoin shows that the former has recently surpassed the king of meme coins. For context, Cardano is up 14.4% over the past 7 days, while Dogecoin is up 7%.
The highly utilitarian L1 token outperformed Meme Coin King on a longer time frame. Over the past 30 days, Cardano has gained an impressive 233%, while Dogecoin has recorded a growth of 116%.
The time for a reversal is near: Analysts
As prices continue to fluctuate, Dan Gambardello, a well-known Cardano bull and market expert, is envisioning an ambitious event in which ADA will overturn Dogecoin in the market rankings. In a Thursday post on X, he speculated about this event and laid out the price Cardano would have to achieve to secure this move.
Notably, after flipping Cardano earlier this year, Dogecoin surpassed XRP and USDC to become the sixth-largest cryptocurrency by market capitalization at a valuation of $69 billion last month. However, memecoin has retreated significantly from its November high of $0.47992, and is now worth $64 billion.
Meanwhile, Cardano continues its bullish trend with strong macroeconomic boosts centered around its ecosystem. ADA reached multi-month highs in early December, with its market capitalization reaching a monthly high of $45.8 billion.
As bullish events unfold for Cardano, Gambardello speculates that Cardano will soon surpass Dogecoin. He speculated that given the current state of the market, Cardano would surpass Dogecoin if it soared to $1.84.
Analysts said Cardano is close to reaching $1.84 per coin. Therefore, a flip event is imminent.
Will Cardano hit $1.84 soon?
Notably, Gambardello’s impending claims suggest that he speculates that Cardano will soon trade at $1.84. However, he did not mention a timeline for achieving the price or defeating Dogecoin.
For context, with a total supply of $45 billion, a jump to $1.84 would give Cardano a market cap of $64.63 billion. Under current market conditions, this is slightly above Dogecoin's current cap of $64.3 billion.
Meanwhile, analysts had previously claimed that ADA could rise to $3. According to a report in Crypto Basics, Cardano bulls have said that the price of the coin will skyrocket if it receives news of an exchange-traded fund (ETF) similar to XRP.
Nevertheless, analysts are predicting Cardano’s price higher, with Ali Martinez arguing for a jump to $6. Market commentator Lark Davis also asserted that the asset will eventually reach $10 this cycle.
Cardano, on the other hand, is trading at $1.19, down less than 1% in the past 24 hours, giving it a market capitalization of $41.81 billion.
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