Cardano (ADA) Overthrows Terra (LUNA) to Become 8th-Largest Cryptocurrency Amid Market Dip

Cardano has dethroned Terra once more, and the coin appears to be on track to surpass Solana in the worldwide cryptocurrency rankings.

The digital currency market has seen many changes as a result of the mid-sized correction that wiped off almost 8% of the market value in two days.

While the latest price drop has not been pleasant for cryptocurrency traders, many who have missed earlier opportunities to boost their cryptocurrency holdings have piled up more digital currencies during recent market drops.

The value of ADA has surpassed that of LUNA.

Cardano (ADA) has surpassed Terra (LUNA) to become the eighth-largest cryptocurrency by market capitalization, about a month after the latter surpassed ADA in the crypto list.

Cardano achieved the milestone as its market capitalization increased by approximately $1 billion in the previous 24 hours. ADA has a market value of $26.05 billion and a 24-hour trading volume of $1.09 billion at the time of writing this article.

Terra's market cap, on the other side, has dropped significantly during the last mid-sized decline. Terra Labs' native cryptocurrency, LUNA, has dropped to ninth place in the global cryptocurrency rankings, with a market worth of $25 billion.

LUNA has a market value of $25.03 billion and a 24-hour trading volume of $2.48 billion as of press time.

Cardano has surpassed Terra to become the eighth-largest cryptocurrency by market capitalization. The ADA coin is less than $1 billion away from topping Solana (SOL), which has a market capitalization of $27.02 billion.

Cardano's position was bolstered by a massive ADA accumulation.

Many people who have not been following the events in Cardano in recent months may be surprised by the recent development.

This week, the amount of ADA accumulated by whales has grown. As previously reported, over 750,000 Cardano addresses purchased 37.4 billion ADA this week in an effort to protect the price from falling further.

Cardano addresses with between one and ten million ADA purchased a total of 196 million ADA in the last week in a similar development.

At the time of writing, ADA was trading at $0.77 on all major platforms.

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