TL;DR
- Cardano’s native token is riding the Trump-induced wave like no other, with a massive price surge that pushed it from $0.65 to almost $1 within minutes.
- This helped it become the eighth-largest cryptocurrency by market cap, surpassing the OG meme coin.
Cardano’s native token took the recent market-wide crash worse than many tokens, as its price dumped from over $0.82 to under $0.6, which meant a 30% decline within a week or so.
It defended the $0.6 support and jumped to $0.65 during the weekend as the entire market saw a relief rally.
However, the landscape changed about an hour ago when US President Trump confirmed the much-anticipated news about a crypto reserve in the States. Moreover, he named three cryptocurrencies that will be included in it – XRP, SOL, and ADA.
Perhaps this comes as no surprise, given that all the entities behind the tokens are based in the US. SOL and XRP shot up impressively by about 15-20% each, but ADA stole the show with a massive 55% surge that pushed it to just inches away from the coveted $1 level.
This became its highest price level in over a month, as it spent the entire February below that line. Additionally, it helped ADA rise in the top 10 rankings, as the asset is now the eighth-largest, with a market cap of over $35 billion.
Cardano’s token surpassed the largest and oldest meme coin – Dogecoin, whose market cap remains below $32.5 billion.
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