Cardano founder Charles Hoskinson has shed light on the anticipated commencement of the altcoin season.
While Bitcoin has maintained its dominant position thus far, Hoskinson suggests a potential shift in leadership.
Hoskinson took to X to declare that the official onset of the altcoin season arrives when Dogecoin (DOGE) surpasses Cardano (ADA) in market cap.
That moment Doge flips Cardano. It’s officially alt-season kids pic.twitter.com/cjNGNGKoi3
— Charles Hoskinson (@IOHK_Charles) March 5, 2024
This declaration holds weight as ADA and DOGE are currently engaged in a tight battle for supremacy, occupying the 8th and 9th positions, respectively, in market capitalization.
Based on Hoskinson’s standards, the altcoin season may have begun on Mar. 5, when DOGE briefly had a higher market cap than ADA. Unfortunately, this rise didn’t last long because Bitcoin’s significant drop caused the whole cryptocurrency market to retrace.
Still, DOGE could soon have a larger market size than ADA again. In the past week, DOGE has outperformed ADA, suggesting that the power balance could change.
Hoskinson’s comments also show that he pays close attention to market trends, which suggests that DOGE has not always been behind ADA. He acknowledges a group that tells him about DOGE’s comeback, which could reference the DOGE community.
SHIB and DOGE Pose Challenge to Cardano’s Dominance
DOGE and Shiba Inu (SHIB) could pass Cardano soon. SHIB is the 10th biggest cryptocurrency by market cap, at nearly $23 billion. The DOGE community is concerned that SHIB will become the most valuable meme coin.
In recent times, meme coins have outpaced utility tokens in terms of gains, causing concern among figures like Ripple’s CEO Brad Garlinghouse, who questions the place of meme coins within the crypto ecosystem.
Solana-based meme coins spearhead the current meme coin frenzy. WIF, for instance, has surged from below $1 to nearly $2 in less than two weeks, rapidly ascending the market cap ranks and nearing the top 50 cryptocurrencies.
