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Dogecoin (DOGE) is poised to reclaim its eighth-place ranking, previously overtaken by Cardano (ADA), following a recent surge in market volatility. Over the past 24 hours, DOGE has seen a more than 3% increase, signaling a potential rebound for the meme coin.

DOGE Closes in on ADA Amid Market Rebound

According to CoinMarketCap, DOGE is currently trading at $0.1709. This has boosted its market capitalization to $25.35 billion, significantly narrowing the gap with Cardano, which holds a market cap of $25.71 billion.

Cardano briefly surpassed DOGE after selling pressure caused a temporary price dip in the meme coin. This was fueled by bearish market conditions that challenged key resistance levels for DOGE.

However, a 2.11% spike in DOGE's open interest, representing 8.82 billion DOGE committed, triggered a price increase. Analysts suggest that continued trading activity and increased volume could further propel DOGE's gains.

DOGE requires a modest increase to overcome the $360 million difference separating it from Cardano. The surge in open interest indicates bullish investor sentiment, suggesting this rally could happen quickly.

On-Chain Activity Bolsters Dogecoin's Position

Renowned on-chain analyst Ali Martinez notes that DOGE's technical indicators position the meme coin at a critical juncture. While the price chart shows a bullish pattern, any reversal could negatively affect DOGE's future prospects.

With the recent price increase, DOGE appears likely to maintain its upward trajectory, supported by its ecosystem. Significantly, Dogecoin recently experienced a nearly 400% increase in active addresses, reaching a total of 395,000. These metrics could contribute to its efforts to regain its ranking from Cardano. Read the original article on U.Today