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The Cardano network token toppled Dot to become the crypto asset with the fourth highest market capitalization. This new Cardano position comes after the price is up more than 85% from $ 0.35 on Feb. 1 to $ 0.68 on Feb. 7. With the new price, the token’s market cap has now moved from $ 11 billion to $ 21.8 billion.

Cardano token takes point to fifth place after 85% price hikes - Elon Musk endorses Dogecoin sets new all-time record

Four ranked tokens

As a result, the open-source blockchains are ADA token is now the third crypto to be number four in the first weeks of 2021. earlier ADA, it was the XRP and point tokens that have been exchange this position.

As markets.Bitcoin.com to show graphs, the ADA token also briefly peaked at $ 0.69 for the first time since January 2018. However, the new 52-week high is still half of its all-time high of $ 1.30.

Cardano token takes point to fifth place after 85% price hikes - Elon Musk endorses Dogecoin sets new all-time record

Dogecoin’s Continuous Rise

In the meantime, Elon Musk’s favorite crypto, dogecoin rose to a new all-time high (ATH) of $ 0.0814. The new ATH follows the ongoing celebrity approval of the token with Snoop Dogg and Gene Simmons last to talk the sign.

Cardano token takes point to fifth place after 85% price hikes - Elon Musk endorses Dogecoin sets new all-time record

At the time of writing, the meme token was trading at $ 0.077, which translates to a 24% gain in just 24 hours. At this price, the token sees the market cap of $ 9.8 billion ADA pip the Chainlink token in tenth place.

Meanwhile, despite the clear endorsement of dogecoin by influential figures and the large volumes traded, many within the crypto industry remain skeptical of the token. Others have indicated concern about the distribution of dogecoin which they say is very concentrated.

Cardano token takes point to fifth place after 85% price hikes - Elon Musk endorses Dogecoin sets new all-time record

However, others like Twitter user Investor Alex say they “don’t think dogecoin will disappear anytime soon.” The user emphasizes that the rise of the token is the perfect demonstration of “the power of retail investors and celebrity recommendations”.

What do you think about ADA and Dogecoin’s new rankings? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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