Dogecoin (DOGE) Looks Set to Reclaim the Eighth Place It Lost to Cardano (ADA)

Dogecoin (DOGE) looks set to reclaim the eighth place it lost to Cardano (ADA) after it experienced bullish volatility on the market.

Dogecoin (DOGE) is heating up as it approaches a crucial stage in its journey to reclaim the eighth place it lost to Cardano (ADA).

According to CoinMarketCap, Dogecoin is currently trading at $0.1709. This price point has pushed the meme coin’s market cap to $25.35 billion, nearly closing the gap with Cardano, whose market cap stands at $25.71 billion.

The recent price surge in Dogecoin occurred following a spike in open interest by 2.11%, which saw 8.82 billion Dogecoin being committed, leading to an increase in the meme coin’s value.

As analysts point out, if market participants actively engage in trading activity and the volume increases along with the price, this could fuel further gains.

Dogecoin needs a slight increase of $360 million to cover the gap between it and Cardano. With the surge in open interest signaling bullish sentiment on the part of investors, the meme coin might accomplish the rally in no time.

On the other hand, if the price experiences a decline from the current levels and the volume decreases significantly, it could pose problems for Dogecoin’s technical indicators.

Highlighting this crucial aspect, on-chain analyst Ali Martinez stated that Dogecoin’s technical indicators are now at a pivotal moment. While his price chart signals a bullish pattern, any reversal could negatively impact the future outlook of Dogecoin.

With the recent upsurge in price for Dogecoin, the coin looks likely to stay in the green with support from the ecosystem.

Moreover, Dogecoin recently registered an uptick of almost 400% in the number of active addresses, which now total 395,000. All these metrics could trigger its attempt to reclaim its lost ranking from Cardano.