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Cardano's native token is one of the best performing digital assets this week, currently trading between $1.13 and $1.23. Although its price performance this week has been lackluster compared to industry leaders like Bitcoin and XRP, ADA's performance relative to other Altcoins remains a source of optimism for many.
One market analyst even believes that Cardano's ADA will eventually surpass Dogecoin in the list of the highest market cap cryptocurrencies.
Recent comparative analysis of Cardano and Dogecoin reflects the former's dominance over the top MEME coin. ADA has surged 14% in the past week, while Dogecoin has only grown 7%. If we look at a longer time frame, ADA also shows strength and dominance over Dogecoin.
Over the past month, ADA has risen 230%, while Dogecoin has risen 116%.
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Can we expect earth-shattering changes?
Cardano and Dogecoin are both among the top 10 cryptocurrencies by market capitalization, with Dogecoin ranked 7th and Cardano ranked 8th. The gap between these two best-performing Altcoins is only around $20 billion. And for crypto commentator Dan Gambardello, Cardano is likely to turn the tide in the coming days.
Gambardello predicted in a Twitter/X post that ADA will surpass Doge, and that this moment is "imminent". Interestingly, after surpassing Cardano earlier this year, DOGE surpassed XRP and USDC to become the sixth largest cryptocurrency by market cap, reaching $69 billion last month. However, Dogecoin's market cap has declined since reaching a peak of $0.47992.
On the other hand, Cardano is taking action, backed by solid macroeconomic data. Recently, Cardano has hit new highs in months, with its market cap reaching $45.8 billion. Given Cardano's bullish momentum, Gambardello believes Cardano is poised to surpass Doge. According to the analyst, this goal will be achieved if Cardano reaches $1.84.
Cardano needs momentum to reach $1.84
Gambardello stated that $1.84 is the magical number for Cardano to change strategy and surpass Dogecoin. However, he did not specify a specific timeframe for this price event. With a total supply of 45 billion, reaching $1.84 would bring the token's market cap to $64.63 billion. This value would make ADA surpass Doge, whose current market cap is $64.3 billion.
Before making this assertion, the analyst first set ADA's price target at $3. The analyst also stated that once Cardano receives attention from institutions hoping to provide exchange-traded funds or ETFs, its bull market will begin, just like the case of XRP.
At the time of writing, ADA is trading between $1.13 and $1.23, with a market cap of $41.55 billion.
