Cardano vs Dogecoin: Which Crypto Should You Buy In 2023?

DOGE vs ADA: Which One Should Be In Your Portfolio?

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Last Updated December 29th 2022
16 Min Read

Curious to know the difference between Cardano VS Dogecoin? Want to have in-depth knowledge of Dogecoin and Cardano? You have landed in the right place. In this article, DOGE vs. ADA: which one should be in your portfolio, we are going to distinguish between these two coins.

As the cryptocurrency market continues to evolve in 2023, attention has shifted away from the established market leaders such as Bitcoin and Ethereum and towards alternative projects that could offer significant returns.

Cardano is arguably the most sophisticated blockchain on the market - a peer-reviewed, multi-layer smart platform that can support numerous DeFi, Dapps and other smart capabilities. Dogecoin, on the other hand, is a comparatively simple cryptocurrency that is driven almost entirely by its community, as opposed to any technical particulars. 

Neither popularity nor technical credentials should be overlooked by investors either. Dogecoin has already seen dramatic price runs thanks largely to its supporters on Reddit and Cardano is one of the few projects that could genuinely rival Ethereum.

But which is the better investment - Cardano or Dogecoin? In the following article, we’ll take a look at a few key fundamentals of each project and hear from top crypto analytical platforms to find out which token has the best outlook for 2023 and beyond. 

Dogecoin vs Cardano: Which Is The Better Buy?

Cardano and Dogecoin May Already Be in Your Portfolio. But Which one Has the Better Investment Going Forward?

DOGE and ADA, two of the best cryptocurrencies, have been mainstays of many investors’ portfolios. Even the lay investor knows about them, which is why they’re perhaps the two cryptocurrencies our trading-community friends and students most frequently ask us about.

Specifically, what they ask are: What is the main difference between Cardano and Dogecoin? Is DOGE a better investment than ADA? Which is the best investment going forward? With that in mind, we thought it might be useful to break it down with Dogecoin vs. Cardano tale of the tape.

There are more than 17,200 cryptocurrencies in circulation, with a total market cap of $1.6 trillion.

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Dogecoin vs Cardano - A Comparison Between Them

Dogecoin vs Cardano

Let’s be honest, on paper Cardano blows Dogecoin out of the water. The latter is limited to being more or less a means for value exchange and cannot support the more sophisticated DeFi projects that are currently gaining traction.

However, DOGE still has viability as a simple peer-to-peer payment option and that still represents one of blockchain’s biggest potentials. So let’s take a look at the key differences between the two tokens to understand what each one can do and what it cannot. 

Dogecoin vs Cardano - The Key Differences

Here are the most important ways the two assets differ:


Cardano has the distinction of being the world’s first peer-reviewed cryptocurrency. During its development stages, starting in 2015, the project was observed by various experts from the world’s leading academic institutions. 

Cardano was said to be one of the first in a new, third generation of blockchains that could support all manner of projects, from DeFi to NFT creation and offered developers an environment to build more or less whatever they wanted. The network is powered by the ADA token. 

Many smart networks are pegged as so-called Ethereum Killers but it’s probably fair to say that Cardano is one of the few projects that actually deserves the moniker. It has several advantages over Vitalik Buterin’s baby, including its advanced two-layer architecture which allows for better scalability. 

Cardano has made good progress since its initial launch and has firmly established itself as one of the top altcoin projects in the cryptocurrency space. At the time of writing, it was the fifth-largest token in terms of market capitalisation. 

Dogecoin was set up by IBM engineer Billy Markus and former Adobe man Jackson Palmer to parody the investor frenzy that was surrounding the cryptocurrency market back in 2013. It’s mascot is a Shiba Inu dog - the subject of a popular meme at the time. 

Despite being something of a joke, Dogecoin’s architecture was based on some pretty solid fundamentals. Having been largely based on Litecoin. One of the key features was its proof-of-work mechanism, which relied on the Scrypy algorithm as opposed to Bitcoin’s more cumbersome SHA256.

The Dogecoin project became somewhat ironic after a few weeks when the price of a single DOGE token soared by around 300% and the altcoin found itself an unlikely favourite amongst investors and swing traders. It was also around this time that the coin began to build a reputation as ‘the people’s cryptocurrency’ and thus its loyal following was born. 

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Transactions and Speed

As the demand placed upon the top blockchains continues to grow, transaction speed has become increasingly important - and this is one area in which Cardano scores very highly. The project is said to be capable of processing some 257 transactions per second. This compares to Ethereum’s five. 

Cardano has also undergone a spate of upgrades, most notably its new Hydra layer which promises more scalability and much faster transactions. Claims have been made that the network will one day be capable of processing up to one million transactions per second. 

If this pans out to be true, Cardano will be one of the fastest networks on the scene and capable of supporting far more projects and complex processes than many other top tier projects. Naturally, this could bode well for the future price of ADA

Dogecoin can’t boast the supreme speed of Cardano, but it does compare favourably to many of the other first-generation blockchains. Whereas Bitcoin, for example, produces one new block roughly every ten minutes, Dogecoin takes just one minute. 

As noted above, Dogecoin uses an Auxiliary Proof of Work (POW) consensus mechanism powered by the Scrypt algorithm. Scrypt is more streamlined than the previous standard, SHA256, and means that the Dogecoin blockchain is less resource-intensive than the likes of Bitcoin

This speed is nowhere near Cardano, of course, but it does mean that Dogecoin is still in the running for a viable means of digital payment for everyday retail transactions. 

Supply and Demand

Whilst there’s no denying Cardano’s technical credentials, ultimately ADA is still an asset and as any investor knows, supply and demand are key drivers in determining price and the potential for future growth. 

Like many other cryptocurrencies, the total supply of ADA is capped. However, with that cap being 45bn, it’s unlikely that there will be a scarcity of Cardano any time soon. But Cardano also has a declining reward for those taking part in its proof-of-stake consensus system, so there is a deflationary mechanism in place. 

Of course, demand is trickier to quantify but it’s worth noting that Cardano has firmly established itself as a top-tier crypto and as Ethereum struggles with high GAS fees and network congestion, there’s every chance that more investors will be looking to augment their portfolios by adding more ADA. 

Dogecoin differs from many other cryptocurrency projects - including Cardano - in that it is actually an inflationary token. This means that the supply of DOGE can actually increase year by year - at a rate said to equate to no more than 5 billion tokens per year. 

Being an inflationary token means that Dogecoin miners will always receive a reward that makes their efforts worthwhile. With tokens that reduce the mining reward, such as Bitcoin, there could effectively come a point where would-be miners just simply aren't prepared to commit the resources required to support the network.

Once again, the inflationary aspect makes DOGE a much more realistic candidate for a genuine payment option, as its mechanics are more aligned with fiat currency. Whether this is enough to rival Cardano is anyone’s guess, but it can certainly keep DOGE in the running as a top-tier crypto. 

buy dogecoin

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Dogecoin vs Cardano: Which Is The Better Investment?

It should be fairly apparent when comparing Dogecoin vs Cardano that we are dealing with two entirely different projects. On a technical level, there really is no comparison, but it’s also true that Cardano doesn’t have anywhere near as loyal a following as Dogecoin - and this is something that could provide the latter with a certain degree of resilience. 

But how can we tell which is the better investment - DOGE or ADA? Of course, no one can predict the future but by considering price history, technical analyses and perhaps some expert opinions, we can start to build an idea of what to expect of each token. 

Cardano Vs Dogecoin: Price History

Looking at a cryptocurrency’s historical price movement often gives us our best indicators for predicting its future. At the very least, it can reveal how a token has responded to particular market forces. 


Cardano’s previous chart movement traces a familiar picture. Given its academic credentials, the project launched to much fanfare and ADA went from trading at around $0.02 to over $1 just a couple of months after first being listed. 

However, ADA’s initial success proved to be short-lived and things soon went downhill. In 2018, prices tumbled back down to around $0.16 and, after a short bull later that same year, Cardano looked to have been something of a flash in the pan, with prices staying well below $0.10 for the next couple of years.

Cardano’s fortunes were to change in 2021, however, as a wave of investor confidence swept over the cryptocurrency market and the growing popularity of DeFi saw attention turned to projects that were capable of supporting the latest blockchain applications. 

By February, ADA had soared back past the dollar and hit $1.50 in April. Come May 2021, the token reached a high of $2.45 and took its place amongst the top ten cryptocurrencies by market cap. Cardano reached an all-time high (ATH) of $3.10 on September 2nd 2021. At the time of writing, ADA was trading at $1.02.

Read Also: Why Cardano Will Skyrocket


Given DOGE’s unorthodox route to cryptocurrency stardom, it will come as little surprise that the token’s price movement has been fairly unusual. The token famously gained some 300% just two weeks after launching, but this proved to be extremely short-lived and DOGE was back below one cent soon enough, before becoming almost worthless. 

Things stayed fairly subdued for DOGE until 2017, when prices gradually started to inch up from  $0.0002, eventually reaching $0.0094 by the start of 2018. Of course, these are hardly big numbers but this nonetheless reflected fairly impressive growth. 

DOGE then bounced between $0.0025 and $0.0030 for much of 2019 and 2020, until things the infamous Reddit campaign of 2021 coincided with some positive tweets from Elon Musk. This sent the price of DOGE up to a then all-time high of $0.082 in February.

Dogecoin then reached a record $0.73 in May 2021. This was before the market took a downturn and DOGE tumbled to $0.18.

At the time of writing, DOGE is trading at $0.13 per token.

Check Out: Is Dogecoin a Good Buy?

Cardano Vs Dogecoin: Future Predictions

If you’re looking to invest in Cardano or Dogecoin then what you’re really interested in is not how each one’s price has moved in the past, but how it is likely to move in future. For this, our best option is to look at the price predictions from leading platforms, which are based on the latest technical analysis. 


It seems that Cardano has well and truly turned a corner and most analysts have dismissed the idea that ADA will ever return to the bottom of the pile. At DigitalCoinPrice, for example, Cardano (ADA) is expected to grow steadily, reaching $1.46 in December 2023. Looking ahead, it is then expected to hit the $4-mark as early as September 2028. 

Meanwhile, WalletInvestor is also very optimistic about Cardano’s future. It has ADA reaching well $2.68 by the end of 2023 and continuing to climb over the following months, hitting $4.33 by December 2024. Going into 2025 Cardano is expected to be worth as much as $5.

TradingBeasts is a little more subdued in its Cardano price prediction. According to its technical analysis, ADA will decline slightly into 2023. That being said, the platform expects Cardano to be up by at least 51% come May 2024. 


Dogecoin price trajectories may be a little harder to predict given that they are likely to centre around community-led campaigns. However, many platforms are optimistic about DOGE’s future.

According to Coinpedia, Dogecoin has the potential to reach $2.38 by the end of 2023 if another buying mania takes hold, but even without it can still reach an average price of  $1.63. The platform has also speculated that, if Elon Musk continues his apparent support for DOGE, the token could reach $7.83 in the next five years. 

WalletInvestor is also expecting growth for Dogecoin, albeit at a more subdued rate. According to its analysis, DOGE will climb steadily for 2023, reaching a potential high of around $0.36 by December 2023. The upward trend is expected to continue into 2024, with DOGE hitting up to $0.55 in December.

Dogecoin Vs Cardano: What the Experts Say

Dogecoin’s most notorious ‘supporter’ is undoubtedly Elon Musk. Although he has recently rejected the title of CEO, he has expressed his support for the meme coin on numerous occasions - describing it as the “people’s crypto” and calling on people to “release the DOGE” - a tweet that led to a 4% price increase for the token. 

DOGE has also found an unlikely supporter in KISS legend Gene Simmons - who is known for his savvy as an investor. Simmons took to Twitter to announce that he had acquired a “big position” with regards to the token.

Celebrity fitness trainer and TV personality Jillian Michaels, herself a prominent investor, has expressed her support for both DOGE and Cardano. She claims to have invested in both tokens and insisted that she sees the merit of both projects.

It’s fair to say that Cardano doesn’t have widespread support outside of the crypto industry, but this is largely to be expected as it is one of the less ‘fashionable’ tokens. However, cryptocurrency analyst and YouTuber Jason Pizzino expressed his support:

 “[It] is looking strong. This is one of those tokens, one of those cryptos that I would be looking at purchasing if I see a base begin to form before other cryptos,” he said, adding “I’m not going alt shopping, but ADA is definitely high on the radar considering how strong it has been holding up.”

Dogecoin Vs Cardano: Conclusion

It should be fairly obvious that there are very few points on which a fair comparison of Dogecoin and Cardano can be made. The former is something of an anomaly in the crypto space - a token that’s real value lies in its popularity. The latter, on the other hand, is one of the most advanced projects out there. 

However, Dogecoin shouldn’t be dismissed as simply a crypto fad. The token has stood the test of time and, ultimately, adoption means a great deal in the industry. Perhaps it does not have the long-term potential of Cardano, but from an investment perspective there DOGE is still one to watch.

Of course, there’s no reason why you have to limit yourself to one coin or the other. In actual fact, they complement each other well as part of a diverse portfolio. Perhaps Cardano could be seen as a longer-term investment, whereas Dogecoin represents a riskier investment with the potential for short-term gains. 

How To Invest In Dogecoin And Cardano In 2023

If you want to add Dogecoin or Cardano to your investment portfolio then you’ll need to find an exchange that lists the tokens. We recommend eToro for most investors, as it offers an approachable trading platform that is suitable for both novices and seasoned crypto traders.

Another advantage of eToro is that it provides plenty of information, articles and learning materials to help you keep tabs on the market and plan your investment strategy. 

eToro – The Best Platform To Buy Cryptocurrencies

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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Which is better, Dogecoin or Cardano?

From a technical perspective, Dogecoin simply cannot compete with Cardano. The latter is one of the most advanced blockchains there is and is a genuine contender to rival Bitcoin. Of course, it doesn’t have the same cultural appeal and, as we have seen, this can lead to serious price increases.

Is Dogecoin still a good investment?

Dogecoin has seen a reversal of fortunes in the last year or so, with its active community banding together to drive prices up. Of course, DOGE’s price runs have been helped by Tesla CEO Elon Musk, but there’s no telling when we may see another Reddit-fuelled DOGE buying frenzy. 

Where can I buy Cardano?

If you’re interested in adding Cardano to your portfolio, then why not head over to eToro? Here you can buy ADA as well as numerous other cryptocurrencies. Opening an account is straightforward and you can be up and running in just a few minutes. 

Which crypto should I invest in in 2023?

The key to a successful investment strategy is diversity. It’s a good idea to build a shortlist of suitable cryptocurrencies to balance risk. Of course, Bitcoin offers comparative stability but tokens like Dogecoin have the potential for serious growth in the short term.

Is Cardano an Ethereum Killer?

Pretty much every smart blockchain has been described as an ‘Ethereum Killer’ at one point or another but Cardano may just have the credentials to deserve the title. In its current state, it is faster and boasts lower fees than its predecessor. Of course, this could all change when Ethereum 2.0 is fully up and running.