Over the past couple of weeks, Cardano‘s value in the market has been sliding, wiping out all the progress it made in March. As a result, this persistent drop has endangered the digital currency’s standing among the top 10 cryptocurrencies based on market capitalization.
Cardano Bows Out To Toncoin And Dogecoin
The emergence of Toncoin, a cryptocurrency with strong support from Telegram, marked the initial challenges for Cardano. As Toncoin’s price surged, so did its market value, rapidly threatening to displace several other assets.
Following its victory over Dogecoin, Toncoin’s price surge didn’t stop there. It soared past $7. At this point, its market value exceeded $20 billion, surpassing both Cardano and Dogecoin in the process. This significant rise brought about an impressive rally for Toncoin.
Following closely behind, Dogecoin challenged Cardano’s position in the top 10 cryptocurrencies. This shift was fueled by Elon Musk’s latest tweet about the meme coin, causing a surge in Dogecoin’s value. Although its price temporarily surpassed $0.2 and then retreated, Dogecoin has continued to climb, preserving most of its March gains and boasting a market capitalization over $20 billion.
Instead of “Cardano, on the other hand, has suffered crash after crash, bringing its price back down to $0.46. At its present price, its market capitalization is around $16.5 billion, making it significantly less valuable than Toncoin and Dogecoin,” could be a possible paraphrase.
Shiba Inu Wants 10th Spot
Although the market is showing signs of improvement, it appears that Cardano’s struggles are not yet over. Once ranking as the sixth largest cryptocurrency, Cardano has now slipped to tenth place in the market, having lost four spots within the past year. Even Dogecoin and Toncoin have surpassed its current position.
In this round, Shiba Inu is giving Cardano a tough fight as it ranks 11th on the list. At present, Shiba Inu’s market cap is nearly 30% smaller than that of Cardano, which stands at $13.4 billion in contrast to Cardano’s $16.5 billion.
Based on the favorable forecasts for Shiba Inu’s price and the historical pattern after a Bitcoin halving, it’s possible that SHIB will soon rank among the top 10 cryptocurrencies by market capitalization. The Bitcoin halving event and Shiba Inu’s past performance suggest the potential for a significant price surge of over 100%.
If Cardano wants to keep its position among the top 10 cryptocurrencies by market capitalization, it needs to grow significantly at a similar pace as SHIB. But if Cardano doesn’t manage to do so, there’s a risk that it may drop out of this elite group for the first time in over three years.
Read More
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- USD COP PREDICTION
- LIT PREDICTION. LIT cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- ORAI PREDICTION. ORAI cryptocurrency
- USD CNY PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- USD MYR PREDICTION
2024-04-19 21:11