According to the latest market data, Dogecoin's market cap has soared to approximately $28 billion, edging out Cardano's valuation of $27.3 billion.
The chief meme cryptocurrency managed to achieve this after making a stunning V-shaped recovery. It is worth noting that Dogecoin has significantly outperformed other altcoins over the past 24 hours. In fact, it is the fifth best-performing cryptocurrency in the top 100 over the past 24 hours. According to the latest IntoTheBlock data, approximately 57.62% of addresses are"in the money," holding Dogecoin at a profit. At the same time, 34.15% are"out of the money," indicating holdings at a loss. A minor portion, 8.22%, sits"at the money."Moreover, the market has witnessed significant activity, with 4.33K large transactions recorded in the last 24 hours alone, matching a seven-day high.
With that being said, Dogecoin still has a long way to go until it manages to reach its previous peak. The most popular meme coin is still down a whopping 76% from its all-time high despite the fact that Bitcoin and some altcoins recently reached new peaks.to reach fourth place by market capitalization, surpassing Ripple-affiliated XRP and various other cryptocurrencies. The meme coin even surpassed car manufacturing giant BMW by market value in a stunning feat.
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