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ZyCrypto 2025-01-16 19:53:39

Will DOGE and Cardano Sustain Price Recovery? Traders Differ Following Shake Down

Will DOGE and Cardano Sustain Price Recovery? Traders Differ Following Shake Down

The crypto market has sparked after several days in the doldrums, with multiple assets marking a decent recovery. Among the top 10 crypto by market cap, Dogecoin (DOGE) and Cardano (ADA) recorded double-digit gains. While macro factors led to outflows, crypto traders hope to maintain the forte ahead of Donald Trump’s second term. DOGE and ADA Swing Forward Dogecoin saw fair gains before recording larger inflows in the last 24 hours. The asset is up 10.1%, trading at $0.3836, taking its market cap to $56.6 billion. Meme coins often react to the broader market, and due to volatility, they swing sharply in the overriding direction. Despite creeping volumes, daily volumes improved with meme coin bull resuming accumulations. Dogecoin whales have amassed huge assets, buying the dip as anticipation grows. Rising whale activity has affected other meme coins, suggesting an 85% volume rise. According to meme traders in crypto spaces, the last dip can trigger a spark in price due to the broader price cycle. Elon Musk’s nomination to co-lead the Department of Government Efficiency (D.O.G.E) rallies investors as Trump’s inauguration nears. Trump’s pro-crypto plans to position the US as a global crypto leader resonated among institutional participants. On the other hand, ADA recorded a similar 10% growth, bouncing stronger after the recent dip. The asset’s rally wiped off weekly losses, placing flow gains at 2%. Demand for ADA comes from institutional leaning to its decentralized ecosystem and project roadmap over the years. The last quarter was bullish for the asset’s DeFi numbers. At press time, the network boasts $534 million in TVL, while daily volumes are up $7 million. Will The Surge Sustain? Generally, crypto corrections are still expected but the market has not hit its bull peak in this cycle. Volatility concerns and negative macro factors bite down on bullish gains, changing the market sentiments. Digital asset investor CryptoJellNL hinted at more gains as the market capitalization grows. “ They want you to be bearish crypto here, and judging by the state of my replies over the last few days — it’s working. Meanwhile, the total cryptocurrency market capitalization looks like it’s going a lot higher. The best is yet to come.” Institutional investors remain key for the wider market to retest December highs. This will lead to inflows in DOGE and other meme coins coupled with DeFi growth, which impacts ADA price.

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