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Cardano Surpasses $DOGE’s Market Cap as $ADA Recovers From Its Second-Largest Drawdown

Cardano ($ADAentire )’s market value has overtaken that of famous meme-inspired cryptocurrency Dogecoin ($DOGE), at a time when $ADA is recovering from its second-largest fall ever.

Cardano is the eighth-largest cryptocurrency by market capitalization at the time of writing, having surpassed the $12.09 billion barrier, with its price climbing more than 8% in the last seven days alone, and more than 31% in the last 30 days.

Meanwhile, Dogecoin is the ninth-largest digital currency by market capitalization, valued at $11.16 billion, with a 7.14% increase in price over the last seven days. $DOGE is risen roughly 9% in the last 30 days, underperforming Cardano considerably.

According to CryptoGlobe, despite a year-long bear market in the cryptocurrency field that saw the value of most digital assets plummet, most holders of the meme-inspired cryptocurrency remain profitable.

According to data from on-chain data business IntoTheBlock, 57% of Dogecoin addresses are in-the-money, indicating they purchased their DOGE tokens below current market values, while 41% are out-of-the-money, meaning they purchased their DOGE tokens above current market prices.

Cardano’s price has remarkably recovered this year from its second-largest drop. According to the latest Asset Report from CryptoCompare, the smart contract platform’s native token closed the year at about $0.25 after losing 81.2% of its value over the previous 12 months. The loss was the second-largest in the company’s history, trailing only a 94.3% collapse in the 2018 bear market, when ADA fell from $0.71 to $0.04.

The dip was notable since it was the third decline in annual performance in Cardano’s history. The cryptocurrency’s resurgence came when whale addresses suddenly resumed accumulating $ADA, which could be a key validator to keep an eye on for the cryptocurrency’s breakout. Following a dump of almost 560 million $ADA in the final two months of 2022, $ADA whales have resumed stockpiling this year, adding 217 million tokens to their stash thus far.

As previously reported, Input Output Global (IOG), the company in charge of Cardano research and development, has announced the introduction of a software toolkit later this month that will allow developers to implement custom-built sidechains on the Cardano network.

According to IOG, “purpose-built solutions are critical for communities to solve unique social and technological challenges,” with Cardano sidechains being “custom solutions” that “sovereign communities” can construct on a secure, interoperable parent network like Cardano.

 

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