- Both Cardano (ADA) and Dogecoin (DOGE) are down more than 11 percent in the past four weeks, thus offering a potential dip opportunity amid Bitcoin recovery.
- While both digital assets serve a different purpose, Dogecoin has over 171M on-chain transactions and Cardano about 75 million since inception.
The Bitcoin (BTC) led relief rally in the past week has raised hopes for an altcoin rebound in the coming days. Essentially, money flows in the crypto industry from Bitcoin to large cap and then medium and small-cap altcoins follow. As a result, Dogecoin (DOGE) and Cardano (ADA) are expected to be the next altcoins to follow Bitcoin in a relief rally. Moreover, Dogecoin is the undisputed king of meme coins backed by the tech tycoon Elon Musk and a vibrant global community.
On the other hand, Cardano (ADA) is one of the top layer one (L1) blockchains with a vibrant DeFi ecosystem offering secure and scalable smart contracts. According to aggregate data provided through defillama, the Cardano network has a total value locked (TVL) of about $149 million and a stablecoins market cap of about $14.75 million.
Dogecoin vs. Cardano H2H
According to the latest crypto oracles, Cardano’s price exchanged around 25 cents on Friday down approximately 13 percent in the past 30 days. The altcoin has retested the support zone between 23 and 25 cents severally, thus making the level an important demand and supply point. From a technical standpoint, Cardano’s price on the daily has formed a triple bottom with a bullish divergence on the RSI.
As a result, there is a considerably high chance Cardano’s price will rebound towards 30 cents in the coming weeks. Furthermore, the recent Bitcoin spike above $26.5k, a crucial support zone, has significantly increased investors’ confidence. Notably, the Cardano network had a total market capitalization of about $8.79 billion and a 24-hour average trading volume of about $108 million during the London session on Friday.
Dogecoin (DOGE), on the other hand, had a market capitalization of about $8.73 billion, and a 24-hour traded volume of about $198 million. The top meme coin traded around $0.062, down approximately 17 percent in the past 30 days.
Worth noting that Dogecoin, the second largest proof-of-work (PoW) secured blockchain after Bitcoin, has about 5.25 million registered addresses that have facilitated about 171.4 million on-chain transactions. The Cardano network, on the other hand, has facilitated about 75 million on-chain transactions.
On the short-term outlook, Dogecoin faces sell pressure from the FTX liquidation of its $42 million DOGE holdings after the court approved the sale process earlier this week. Nonetheless, the Dogecoin market has significantly matured with deep liquidity across different DeFi projects, CEX, and DEXes.
The Cardano network, on the other hand, is free from the FTX fiasco with more investors locking their assets to earn passive gains. According to market data provided by defillama, the Cardano network has over 600 million in TVL as its DeFi projects continue to gain traction.
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