Recent developments in the cryptocurrency world have become the focus of great attention, especially with the price of Bitcoin (BTC) reaching record levels. BTC reaching a value near its all-time high of $68,789.63 has increased overall optimism in the cryptocurrency market and excited many investors. This upward trend not only affected Bitcoin but also moved the prices of many altcoins.
Those that attracted particular attention in this upward trend were meme coins such as Dogecoin (DOGE). Dogecoin has gained significant momentum recently, recording growth of over 98%. While meme coins often start out as fun, community-centered projects, some, like Dogecoin, have come to be considered serious investment tools as well. This is seen as an indicator of the change and growth in the dynamics of the cryptocurrency world.
With the rise of meme coins, expectations began to increase in the cryptocurrency community that the altcoin season would begin. In particular, Charles Hoskinson, the founder of Cardano, stated that the altcoin season will begin when Dogecoin’s market value exceeds ADA. While such statements increase excitement in the cryptocurrency market, they also attract the attention of investors and increase interest in altcoins.
That moment Doge flips Cardano. It’s officially alt-season kids pic.twitter.com/cjNGNGKoi3
NEWS CONTINUES BELOW— Charles Hoskinson (@IOHK_Charles) March 5, 2024
Charles Hoskinson gives his opinion on the possibility of an altcoin season on X (Twitter) accompanied by a humorous gif shared. The justification for his assumption that Dogecoin can overtake Cardano is based on the market cap of both coins.
At the time of this writing, Cardano’s market cap is $26,859,093,474 and it ranks 8th. The market value of Dogecoin, right behind it, is $25,516,053,031.
When asked by a community member if he tracks the prices of assets, Hoskinson implied that he does not, but is usually reminded of the prices by those who follow him “when the Doge is up.”
Meme Coin War
Except for Bitcoin and Ethereum (ETH), which maintain their dominance in the industry, nothing remains permanent in terms of market value for other altcoins and fluctuations occur in the market from time to time. At the head of the current bullish wave is Shiba Inu (SHIB), whose market cap is currently $22,716,018,484 and is currently the 10th largest cryptocurrency.
Some members of the crypto community think that if the current SHIB rally continues, it could be on its way to replacing Dogecoin as the world’s most valuable meme coin.
You can follow the current price movement here.
Source : the crypto basic