Cardano founder Charles Hoskinson believes altcoin season will begin once Dogecoin (DOGE) surpasses Cardano (ADA) in market cap.
ADA faces competition from not just one, but two meme coins. Shiba Inu (SHIB), currently ranked 10th, poses a threat to ADA with its market cap nearing $23 billion. If SHIB’s upward trend continues, it could soon surpass ADA. The DOGE community is also concerned that DOGE might lose its status as the top meme coin to SHIB.
Dogecoin (DOGE) Threatens Cardano’s (ADA) Altcoin Supremacy
According to Cardano founder Charles Hoskinson, the beginning of the altcoin season hinges on Dogecoin (DOGE) surpassing Cardano (ADA) in market capitalization. On March 5, DOGE briefly overtook ADA in market cap, signaling a potential start to the altcoin season. However, this momentum was short-lived as DOGE fell back below ADA amidst Bitcoin’s sharp correction, causing a downturn across the crypto market.
Nonetheless, the possibility of DOGE reclaiming its position above ADA remains, especially considering its recent outperformance of ADA in the past week. This suggests that DOGE could experience further price gains, potentially leading to a flippening event where DOGE overtakes ADA once again.
Hoskinson’s remarks indicate his close monitoring of the market dynamics, particularly regarding the relationship between DOGE and ADA. He mentioned having individuals who alert him when “Doge comes roaring”, possibly referring to the vigilant DOGE community.
However, ADA faces not just one, but two meme coin contenders for its position, with Shiba Inu (SHIB) currently ranked 10th in market capitalization, closely trailing ADA. If SHIB’s upward trajectory continues, it poses a threat to ADA’s standing in the market. Additionally, there’s speculation that DOGE might lose its status as the top meme coin to SHIB if SHIB’s market cap surpasses that of DOGE.
Solana Meme Coins Lead Market Surge
Meme coins have been outperforming other altcoins recently, even surpassing some utility tokens in terms of gains. This trend might not sit well with skeptics like Ripple’s CEO Brad Garlinghouse, who doubts the relevance of meme coins in the crypto space.
Leading the meme coin surge are those based on Solana. For instance, WIF has surged from under $1 to $2 in less than two weeks, propelling it to the 54th position in market cap rankings, just shy of breaking into the top 50.
Another notable Solana meme coin, BONK, has also seen significant gains, entering the top 50 in market cap rankings at the 49th position. Meanwhile, Myro, another meme coin, is poised to join the billion-dollar market cap club after being listed on Binance’s futures platform, with potential listing for spot trading in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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