Cardano has surpassed the dollar days after XRP reached this milestone, leading to speculation of a similar move from Dogecoin despite its larger supply.
Bull market euphoria has spread across different ecosystems. THE Cardano Community is the latest to celebrate an impressive milestone after ADA yesterday officially claimed the price of $1 for the first time since April 2022, over two years ago.
Cardano hits $1 a few days later XRP
Notably, Cardano achieved this feat amid massive momentum that gained momentum on November 15. because he finally exceeded the region of $0.57. ADA supported the uptrend and finally crossed $1 yesterday after starting the day at the price of $0.8219. Cardano reached a high of $1.0440 before facing resistance.
Despite resistance, the altcoin held above $1 pointclosing the day at $1.0175 in an impressive 23.81% gain. This is Cardano’s best intraday performance since February. 13, 2021, where he gained a more substantial 33%. At the time of going to press, ADA maintained the $1 levelcurrently trading at $1.0822.
Cardano’s latest move is coming on the back of a similar feat of XRP, the sixth largest cryptocurrency. In the middle of a rally that began on Nov. 5 after the electoral victory of Donald Trump, XRP officially reclaimed $1 on Nov. 16 for the first time since December 2021, almost three years ago.
In particular, the trio XRP, Cardano And Dogecoin has been on the race to reach $1 since the start of the current bull run. XRP had the upper hand, as he negotiated closer in price than the other two tokens. ADA was poised to reach the next level, and DOGE was expected to follow suit.
Can Dogecoin reach $1 with a supply of 146 billion?
This forecast has so far materialized, with XRP and Cardano already above the price target. Now, investors are turning to Dogecoin, with the meme coin NOW the next one on track to win the milestone.
Notably, DOGE is already showing signs of another phase of rapid price rise after a period of consolidation. The meme coin confirmed its growth potential when it rose 177% to $0.4385 on November 12, reaching that rate in eight days.
Following the pullback from $0.4385 and subsequent consolidation, DOGE has NOW resumed its uptrend after crossing its bull flag. The token hit a new high of $0.48 today and then returned to the current price of $0.4655. Analyst Ali Martinez earlier predicted a rally past $1 amid the latest breakout.
At the current price, the data confirms that Dogecoin would need to rise by another 114.92% to reach the price of $1. Considering its historic performance during the previous bull run and the potential demonstrated since November 5, analysts believe that an additional 114.92% upside is easily achievable for DOGE.
However, Dogecoin would face a bigger hurdle at $1 than Cardano and XRP. Notably, while XRP has a circulating supply of 56.9 billion tokens, and ADA at 35 billion, Dogecoin claims a plus expansive offer of 146 billion.
As a result, Dogecoin would require a much larger influx of capital to reach $1, which would bring its market capitalization at $146 billion. Additionally, DOGE has never reached the price of $1 in its history. Despite these challenges, the prize remains within reach for the room itself. Martinez even wait an increase beyond $2.
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