Dogecoin (DOGE), the leading meme token in the market, has seen a value increase of over 14% in the past few days, surpassing Cardano (ADA) to become the seventh largest cryptocurrency based on market capitalization.
According to current market data, over 21,900 analysts were liquidated in the past 24 hours, contributing a total of $45.8 million. Short liquidations of DOGE accounted for over $8 million. The rise of DOGE saw its market value surpassing $11 billion, surpassing Cardano’s $10.56 billion.
The popular cryptocurrency recently benefited from Tesla and SpaceX CEO Elon Musk, while Cardano was negatively affected by recent lawsuits from the U.S. Securities and Exchange Commission (SEC) following Twitter’s renaming to “X.” Elon Musk’s profile handle was changed to display “X” and “D,” with “X” implying Twitter’s new identity and “D” being interpreted as a greeting to Dogecoin, a cryptocurrency openly endorsed by Musk in recent years.
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Cardano was previously referred to as a security in lawsuits filed earlier this year by the U.S. SEC against leading cryptocurrency exchanges Binance and Coinbase, resulting in delistings from several platforms. For example, Revolut delisted ADA alongside MATIC from Polygon and SOL from Solana earlier this month. However, Cardano was mentioned as one of the best cryptocurrencies in terms of ESG scores by CCData’s ESG Benchmark report. Ethereum (ETH) ranked first in the report, followed by SOL and ADA.
The ESG report states that Environmental, Social, and Governance (ESG) requirements are becoming increasingly widespread among institutional investors and funds, with managed global ESG-related assets estimated to reach $33.9 trillion by 2026. According to the report, Ethereum was the only digital asset to achieve an AA rating in the ESG Benchmark, followed by Solana, Cardano, Binance Coin (BNB), Aptos (APT), Polkadot (DOT), and DAI.
