ADA Shifts DOGE's Position From Top 8 Crypto By Market Cap

JAKARTA - The smart-contract platform Cardano (ADA) now has a larger market capitalization than the popular meme-inspired cryptocurrency Dogecoin (DOGE). ADA currently occupies the eighth position in market capitalization with a value of 12.09 billion US dollars.

ADA has increased in price by 8 percent in the last 7 days and 31 percent in the last 30 days. Meanwhile, Dogecoin occupies the ninth position in market capitalization with a value of 11.16 billion US dollars. DOGE's price performance is far below Cardano's.

According to data from data on-chain company IntoTheBlock, 57 percent of addresses that own Dogecoin are in-the-money, that is, buying DOGE tokens below the current market price. Meanwhile, 41 percent of DOGE holders are in an out-of-the-money condition, namely buying DOGE above the current market price.

Cardano prices have recovered this year from their second biggest drop. According to CryptoCompare's latest Asset Report, the smart-contract platform's native token ended the year at around $0.25 after losing 81.2 percent in value over 12 months. The loss marked the second largest draw in Cardano's history.

Input Output Global (IOG), the company responsible for Cardano research and development, recently announced the release of a software toolkit later this month that will allow developers to deploy custom-built sidechains on the Cardano network as reported by CryptoGlobe.

The move is set to enhance the overall ecosystem of the Cardano blockchain, as IOG notes that “tailored solutions are essential for the community to meet unique social and technical needs,” with the Cardano sidechain being “customized solutions” that “sovereign communities” can build on over a secure and interoperable host network such as Cardano.