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Cardano has surpassed the dollar-mark days after XRP hit the milestone, leading to speculation of a similar move from Dogecoin despite its larger supply.
Euphoria from the bull market has spilled into different ecosystems. The Cardano community is the latest to celebrate an impressive milestone after ADA officially claimed the $1 price mark yesterday for the first time since April 2022, over two years ago.
Cardano Hits $1 Days After XRP
Notably, Cardano reached this feat amid a massive momentum that gained steam on Nov. 15, as it eventually surpassed the $0.57 region. ADA sustained the bullish uptrend and eventually crossed $1 yesterday after starting the day at a price of $0.8219. Cardano hit a peak of $1.0440 before facing resistance.
Despite the resistance, the altcoin held above the $1-mark, closing the day at $1.0175 amid an impressive 23.81% gain. This marked Cardano’s best intraday performance since Feb. 13, 2021, when it gained by a more substantial 33%. At press time, ADA has maintained the $1 level, currently trading for $1.0822.
Cardano’s latest move comes on the back of a similar feat from XRP, the sixth-largest cryptocurrency. Amid a rally that began on Nov. 5 following Donald Trump’s election win, XRP officially reclaimed $1 on Nov. 16 for the first time since December 2021, nearly three years ago.
Notably, the trio of XRP, Cardano and Dogecoin have been on the race to reach $1 since the start of the ongoing bull run. XRP had the upper hand, as it traded closer to the price mark than the other two tokens. ADA was poised to reach the level next, with DOGE expected to follow suit.
Can Dogecoin Reach $1 with 146B Supply?
This forecast has so far materialized, with XRP and Cardano already above the price target. Now, investors have turned their eyes on Dogecoin, with the meme coin now the next on track to claim the milestone.
Notably, DOGE is already showing signs of another phase of rapid price surges following a period of consolidation. The meme coin confirmed its potential for growth when it rallied 177% to $0.4385 on Nov. 12, attaining this rate within eight days.
Following the pullback from $0.4385 and the subsequent consolidation, DOGE has now resumed its uptrend after breaching its bull flag. The token touched a new peak of $0.48 today and then retraced to the current price of $0.4655. Analyst Ali Martinez earlier predicted a rally beyond $1 amid the latest breakout.
At the current price, data confirms Dogecoin would need to rally by an additional 114.92% to reach the $1 price. Given its historical performance in the previous bull run and the potential it has demonstrated since Nov. 5, analysts believe an extra 114.92% rise is readily feasible for DOGE.
However, Dogecoin would face a more substantial roadblock to $1 than Cardano and XRP. Notably, while XRP has a circulating supply of 56.9 billion tokens, and ADA at 35 billion, Dogecoin boasts a more expansive supply of 146 billion.
As a result, Dogecoin would require much more capital inflow to reach $1, which would bring its market cap to $146 billion. Also, DOGE has never reached the $1 price in its history. Despite these challenges, the price mark is still within reach for the meme coin. Martinez even expects a rise beyond $2.