Cardano’s blockchain token, ADA, has overtaken Dogecoin (DOGE) in CoinMarketCap’s ranking of top cryptocurrencies. With ADA up more than 15% in the past week, the Cardano brand has reached $2 billion in capitalization. At the same time, the price of DOGE, following the growth across the broader crypto market, climbed less than 14% and as a result added only $1.3 billion to the market value of all Dogecoin offers.
Currently, the ADA token is the eighth largest crypto asset by capitalization, while Dogecoin is the ninth. Both tokens are somewhat distant from their nearest neighbors, with blockchain token Polygon (MATIC) rounding out the top 10 in the rankings and Binance stablecoin BUSD sitting at the nearest top.
What Is Driving The Growth of the Cardano Token?
Globally, the rise in the price of ADA has an impact on the rise of the cryptocurrency market, which has occurred in full in the past seven days. However, it is important to look behind the scenes of Cardano as a blockchain now, especially since it has been almost 30 days since a new development report was released.
During this period, 2.1 million transactions have crossed the blockchain since mid-December, with a current total of 58.7 million. At the same time, 11 new projects have arrived at ADA, with a total of 1,162, and one has been completed. Also important is the news about the release of the first iteration of the tool for creating custom sidechains for Cardano.