Meanwhile, the crypto market is facing a few crucial circumstances for the last couple of weeks, but the crypto rally is still on fire. Recently, it occurred that Dogecoin (DOGE) has outrun leading and competitive crypto assets like Cardano (ADA) and Binance Coin (BNB) and secured 4th position on Sunday, which was on 6th number till Saturday. DOGE is showing very bullish behavior and generative massive trading volume and proving itself to be the worth of purchasing and as a reliable trading asset backed by the support of Elon Musk.
The crypto market is jolted with this new turn that how DOGE outrun the ETH’s competitive cryptocurrencies like Binance Coin (BNB) and Cardano (ADA), which were resting on the prior 3rd to 5th positions till Saturday but DOGE turned the table on Sunday by securing 4th position leaving BNB and ADA behind. According to the CoinMarketCap, however, right now, DOGE is resting at the 6th position, while Cardano and Binance Coin are resting at the 5th and 4th positions, respectively.
Analysts are calling it the bearish momentum that has jolted the crypto market as right now the crypto industry is going through its dark phase as the price of Bitcoin is slumping down day by day, that hasn’t only affected the BTC trading but also affected the overall altcoins of the crypto market. But, DOGE, formerly known as meme coin and now admired by Musk, has shown extraordinary trading performance gaining a prominent position and giving tough competition to the leading coins.
Bearish Moment of Price in Top 5 Cryptocurrencies
Not only Bitcoin but a lot of other crypto assets got affected by the current downfall of the crypto industry. Interestingly, DOGE has struggled to the least reddish trend and maintained its trading volume as compared to Binance coin (BNB) and Cardano (ADA), which were the competitor of Ethereum (ETH).
DOGE didn’t only maintain its market reputation but also showed growth and secured 4th position. On Saturday, Cardano and Binance coin slumped down by 12.8% and 19%, respectively.
Elon Musk and Dogecoin (DOGE)
DOGE is significantly backed by a very prominent figure Elon Musk who is favoring DOGE to a large extent. If we look into the past, Dogecoin was mere a meme coin, but after Musk’s attention toward it and praising it publically via SNG and plans to accept it as payment for Tesla and SpaceX, gave it enough fame and boost what is actually needed to get to the position it is resting in the crypto market right now.
It is important to note that even the crypto market is has been declined by more than 55%, but still, DOGE is up with the growth of approximately 7,000% over the following year. ADA had its time to be a tough competitor to Ethereum, but now even that is being surpassed by the DOGE.