For crypto investors, sometimes they have to choose between digital assets such as Dogecoin, Cardano, and more than 20,000 other coins in the space to invest. for investors.
Dogecoin And Cardano: What To Invest?
To be able to predict the performance of these two cryptocurrencies in the next bull market, looking at their previous performance can be helpful. Now, in the last bull market until 2020-2021, there has been a wonderful rally of both assets, but Dogecoin has generated more.
By 2020, Dogecoin’s price had dropped to $0.0011, but when billionaire Elon Musk started shilling the meme coin, it would rise to $0.78 at one point. Doing the calculations, this means the price of DOGE has rallied around 70,000%. To put it in perspective, if a $1,000 DOGE was bought cheaply in 2020, it would have been worth $700,000 at its peak.
DOGE rises over 70,000% in 2020-2021 | Source: DOGEUSD on TradingView.com
In Cardano, its original cryptocurrency, ADA, also performed very well in the 2021 bull market. It was driven forward by anticipation of Alonzo’s upgrade that saw the debut of smart contracts on the blockchain.
ADA traded as low as $0.018 at one point in 2020, but when the rally ended, it touched an all-time high above $3.10 in August 2021. during this one-year period. If an ADA worth $1,000 is bought at the lowest point in 2020, it is worth $170,000 at the ATH in 2021.
ADA rises over 17,000% in 2020-2021 | Source: ADAUSD on TradingView.com
Because of this, DOGE’s performance and returns were better than ADA’s in the last bull market.
But What About Utilities?
Despite Dogecoin’s impressive performance in the recent bull market, it still pales in comparison to Cardano when it comes to utility. The latter’s smart contract capability that allows users to participate in the decentralized finance sector (DeFi) makes it one of the cryptocurrencies with the most utility on the market.
In this regard, Cardano wins because its utility is a digital asset with a higher probability of success in the long term. It also makes a good investment for those looking to invest in technology instead of just trying to make a quick buck.
In conclusion, the performance of DOGE is carried entirely by hype, which means that it is more of a gamble to invest in the meme coin. However, ADA is better for investors who plan to stay in the market for the long term, as well as be part of the future advancement of blockchain technology.