Dogecoin Surpasses Cardano to Become the Seventh-Largest Cryptocurrency

Last Updated July 27th 2023
3 Min Read

Key Takeaways

  • Dogecoin's value has surged by 14%, making it the seventh-largest cryptocurrency by market cap, largely influenced by Elon Musk's endorsement.
  • Cardano faces significant challenges due to recent SEC lawsuits, leading to some delistings despite its strong ESG score.
  • The crypto market's volatility is highlighted by Dogecoin's surge and Cardano's legal challenges, underscoring the importance of careful analysis for investors.

In the dynamic world of cryptocurrencies, change is the only constant. Today, our spotlight is on Dogecoin and Cardano. These two have been in the news but for contrasting reasons.

The Surge of Dogecoin

Dogecoin, the meme-inspired cryptocurrency, is making waves. It has seen a value surge of over 14% in recent days. This significant increase has propelled Dogecoin to the seventh-largest cryptocurrency by market cap.

However, this surge has led to millions in liquidations within a 24-hour period. It's a stark reminder of the inherent volatility and risk in the crypto market.

Factors Influencing Dogecoin's Rise

What's driving Dogecoin's price rise? A key factor is the support from Tesla and SpaceX CEO Elon Musk. Musk's recent Twitter bio change, which hints at Dogecoin, is seen as an endorsement.

This has played a role in Dogecoin's increased market cap, now above $11 billion.

The Challenges for Cardano

Meanwhile, Cardano faces significant challenges. The main one is recent lawsuits from the U.S. Securities and Exchange Commission (SEC). These legal battles have negatively impacted Cardano's market position, leading to some delistings.

It's a clear reminder of the regulatory hurdles that cryptocurrencies can face.

Cardano's ESG Score

Despite these challenges, Cardano has some positive news. It was mentioned as a top cryptocurrency in terms of its ESG score by CCData’s ESG Benchmark report.

This suggests that despite the legal issues, Cardano is viewed positively regarding its environmental, social, and governance (ESG) credentials.

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