Cardano and Dogecoin are two important cryptocurrencies battling for who will remain more relevant over the other, based on their market capitalizations. Thus, these two coins rank today as the 8th and 9th most valuable cryptocurrencies respectively. This position has been long embattled and exchanged between them over a long time now.
Given the increasing popularity and demand for these two coins, investors have been curious to find out which of these two coins has the greatest potential to hit $1 soon.
Will Dogecoin overtake Cardano in importance and be the first to hit $1? Or will Cardano maintain the lead position and be the first to hit $1? This work has examined these pressing questions about Cardano and Dogecoin.
What Is Cardano Coin
Cardano is a popular cryptocurrency that uses a special proof-of-stake (PoS) mechanism called Ouroboros to secure transactions on its blockchain, making it more secure and safe for staking coins. This coin has been designed to become the third-generation Cryptocurrency and to supply for the limitations found in other cryptocurrencies.
Meaning Of Dogecoin
Dogecoin is a meme coin that found its way into the mainstream crypto industry to become a highly demanded-cryptocurrency today. This coin which was created initially as a joke to ridicule Bitcoin as being the dominant cryptocurrency has risen to attain the same recognition as Bitcoin.
Cardano vs Dogecoin – Which Is Likely To Hit $1 First?
One important question that investors are asking to determine whether to buy dogecoin or Cardano is predicting between the two which is likely to hit $1 before the other. While Dogecoin seems to have large backing and great support needed to hit $1 soon. The Cardano Coin on its part has stronger technical factors and greater chances to hit $1 before Dogecoin. We have examined these factors in the next paragraph below.
- Maximum supply: An important advantage that the Cardano has over Dogecoin which gives it more chances of hitting $1 before Dogecoin is the fact that it has a maximum supply of 45 Billion. Dogecoin on its part has only a total supply of 132, 670, 764, 299 without any maximum supply. This leaves Dogecoin subject to future price inflation. Added to this, investors are more attracted to invest in coins with a maximum supply.
- Previous price performance: Historically, Cardano has outperformed Dogecoin in the prices attained. Thus, Cardano previously attained its all-time-high at $3.10 in December 2021. Dogecoin on its part has not been able to go beyond the cent value. Its highest level attained so far had been $0.73995 in October 2021. This gives the Cardano Coin greater chances of attaining $1 again before Dogecoin.
- Circulating Supply: The circulating supply of a coin and the amount of capital needed to push the price higher is directly proportional to each other. Hence, a coin with a lower circulating supply will require less amount of capital to push the price higher. Cardano has a lower circulating Supply of 34, 421, 416, 863 and would require lower capital to push it to $1 compared to Dogecoin which has a higher circulating supply of 132, 670, 764, 299 and would require a large amount of capital to push the price to $1.
- Current market price: The current price of the Cardano as of November 2022 is $0.3148. This means it is just a few points (69.952Cents) away from hitting $1. This is a huge gap compared to Dogecoin which is currently trading at $0.08226 in November 2022. Thus the price is very far away from hitting $1 any time soon.
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