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- Cardano (ADA) has been predicted to surpass DOGE and USDC by reaching a market cap of $250 billion to trade at $7.
- An analyst believes that this price prediction could materialize once the US government adopts Cardano for its general operations as earlier hinted by Elon Musk.
Cardano (ADA) has proven to be one of the most resilient crypto assets as it effortlessly holds its position above a crucial support level at $0.8 amid the recent broad market downtrend. According to our market data, the asset has managed to print a 2.4% gain on its 24-hour price chart to extend its weekly gains to 14%.
At press time, ADA was trading at $0.8014. However, the 24-hour trading volume has recorded an impressive surge of 64% with $734 million changing hands.
Subjecting the asset to critical analysis, an analyst identified as Warren has disclosed that ADA could overtake renowned assets like Dogecoin (DOGE) and USD Coin (USDC) by market cap. This implies that ADA could steadily climb up the rankings to compete with Solana for the sixth position or BNB for the fifth position. Per our observation, this expected surge could be fueled by the recent filing for spot ADA ETF. As detailed in our last news piece, Grayscale Investments filed this application through the NYSE Arca.
Currently, the asset is ranked 9th with a market cap of $28 billion. Fascinatingly, it trails DOGE by $10 billion and USDC by $28 billion. For this prediction to materialize, ADA would have to soar by more than 40% and 110%, respectively, assuming these assets remain constant.
Speaking on the price, Warren predicted that ADA could hit $7, but would depend on two main factors – the occurrence of the overall bull market and the adoption of the Cardano blockchain by the US government.
US Government to Adopt Cardano (ADA)?
It can be recalled that Elon Musk unveiled the plans of the US government to embrace blockchain technology to boost the operations of the Department of Government Efficiency (D.O.G.E). As mentioned in our previous news brief, Cardano, Ripple, and Algorand were part of the blockchains that could be explored to significantly reduce federal expenditure and secure data.
According to Warren, the successful adoption of Cardano for this purpose could push its market cap to $250 billion and position the price at $7. Mathematically, this would require that the asset surges by 776.53% from the current price.
Joining the discussion, another analyst called “SlumDOGE Millionaire” has predicted that ADA could hit $10 by the end of the year. According to him, this would represent a 1,152% surge from the current level. Meanwhile, Cardano co-founder Charles Hoskinson has predicted that the asset could be the biggest gainer this cycle.
Speaking on a Gokhstein Media podcast episode, Hoskinson highlighted that the asset’s market resilience could be attributed to the rising institutional participation.
In a recent update, we examined the prediction of analyst Michaël van de Poppe which hinted that ADA could be nearing its turbulent phase. At that time, he pointed out that the $0.74–$0.98 range is a critical support phase. He also observed that ADA has broken out of an old consolidation range with fresh momentum to breach the upper boundary of the $0.96 and $1.25 range.
