Cardano competes with Dogecoin for the fourth place by capitalization

Dogecoin has given up its price position significantly

Dogecoin and Cardano lost significantly after entrepreneur Elon Musk called this project, on the one hand, “similar to a fraud” during his speech on American TV, but, on the other hand, thought that it is somehow better than what non-digital global finance offers in general. Musk, meanwhile, advised that investments in digital assets should be approached with restraint and rationality.

At the same time, SpaceX announced that it intends to accept donations in Dogecoin as part of a fundraiser for a mission called “DOGE-1 Mission to the Moon,” that is, SpaceX’s rocket flight to the moon. SpaceX vice president of sales Tom Ochinero said that the DOGE-1 project “will be able to demonstrate the use of cryptocurrencies beyond Earth’s orbit and lay the foundation for interplanetary commerce.”

Meanwhile, Michael Saylor, head of MicroStrategy, made a similar comparison between digital and non-digital finance as Musk did. In his opinion, most currencies noticeably devalue over an average of five years. If we talk about Dogecoin, Saylor expects this digital asset to depreciate in 25 years, but he doesn’t see such prospects for bitcoin at all.

Investors in Dogecoin always have high hopes for Musk’s performances, and it’s not surprising: the entrepreneur’s tweets about this project alone led to the fact that Dogecoin showed one of the best price growth rates among thousands of different types of digital assets this year. This time, however, Dogecoin managed to fall from $0.71 to $0.49 in a 24-hour period on May 9, only recovering some of its losses at the beginning of May 10, trading around $0.56.

Dogecoin continues to be in fourth place by total capitalization at the beginning of May 10, but fifth-place Cardano is rising rapidly, up 35% in the past seven days. Cardano’s total capitalization eventually surpassed $58 billion, and the digital asset ranks sixth in terms of capitalization.

While Cardano and Dogecoin may swap places, it is possible that both assets could end up losing ground to Tether staplecoin, which ranks seventh in capitalization. Indeed, Tether is separated from Cardano by less than one billion dollars, and the popularity of this dollar-stablecoin in the cryptocurrency market leads to the continued growth of this digital asset issue.