Dogecoin ($DOGE) Overtakes Cardano ($ADA) as Seventh-Largest Crypto Price Surge

The meme-inspired cryptocurrency Dogecoin ($DOGE) has seen its value surge over 14% over the last few days, to the point it has surpassed smart contract platform Cardano ($ADA) as the seventh-largest cryptocurrency by market capitalization, with DOGE’s surge leading to millions in liquidations over a 24-hour period.

According to available market data, over the past 24 hours over 21,900 traders were liquidated, with a total of $45.8 million involved. DOGE’s short liquidations contributed more than $8 million to the figure.

DOGE’s rise has seen its market capitalization surpass the $11 billion mark, above Cardano’s $10.56 billion. While the meme-inspired cryptocurrency recently benefitted from Tesla and SpaceX CEO Elon Musk changing his Twitter bio following the rebranding of the microblogging platform Twitter to “X,” Cardano was negatively impacted y recent lawsuits from the U.S. Securities and Exchange Commission (SEC).

Musk’s profile location was changed to display n “X” and a “D”, with the “X” alluding to Twitter’s new identity and the “D” widely interpreted as a nod to Dogecoin, a cryptocurrency Musk has openly championed for the past few years.

Cardano, on the other hand, was named as a security in the lawsuits that the US SEC filed against leading cryptocurrency exchanges Binance and Coinbase earlier this year, leading to a few delistings. Revolut, for example, delisted ADA along with Polygon’s MATIC and Solana’s SOL earlier this month.

Cardano, however, was mentioned as one of the top cryptocurrencies when it comes to its ESG score by CCData’s ESG Benchmark report. The report was topped by Ethereum ($ETH) and was followed by SOL and ADA.

The ESG report notes Environmental, Social, and Governance (ESG) mandates are “increasingly prevalent amongst institutional investors and funds,” with global ESG-related assets under management forecasted to reach $33.9 trillion by 2026.

Per the report, Ethereum was the only digital asset to achieve an AA grade in the ESG Benchmark, and it was followed by Solana, Cardano, Binance Coin ($BNB), Aptos ($APT), Polkadot ($DOT), $DAI, $XRP, and Tezos’ $XTZ, all of which managed to get an A rating.

Featured image via Unsplash.

Source: Read Full Article