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David Gokhshtein, a well-known advocate for Dogecoin DOGE/USD , recently expressed his admiration for Cardano ADA/USD , attributing it to his long-standing interest in the cryptocurrency.
What Happened: Gokhshtein, the founder of Gokhshtein, took to social media platform X formerly known as Twitter to voice his support for ADA. I've always been a big fan of $ADA. That didn't just happen overnight. You either love Cardano or not, he wrote.
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Why It Matters: Earlier, Gokhshtein had predicted a significant rally for both Dogecoin and Shiba Inu SHIB/USD , another popular cryptocurrency. His tweet read: I still believe that $DOGE and $SHIB will make tremendous comebacks as well.
On the same day, major cryptocurrencies, including Bitcoin BTC/USD and Ethereum ETH/USD , rose following a dovish stance from the U.S. Federal Reserve. This development could indicate a broader shift in the market, potentially impacting altcoins like ADA.
Meanwhile, meme coin Floki Inu witnessed a 75% rally after announcing a sports partnership. This rally, along with other recent market movements, could signal a changing landscape for altcoins and their potential for growth.
However, Bitcoins potential downturn due to increasing profit-taking could also impact the broader cryptocurrency market, including altcoins like ADA.
Tracking Cardanos Performance: As of the time of writing, Cardano is trading at $0.6273, according to the data from Benzinga Pro, marking a 69.04% increase over the past year.
In comparison, Bitcoin, the largest cryptocurrency by market cap, is currently trading at $65,528.96, reflecting a 132.88% increase over the same period. Ethereum has seen a 93.29% increase in value over the past year, while Dogecoin has surged by 100.80% during the same timeframe.
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Image Via Shutterstock Engineered by Benzinga Neuro , Edited by Kaustubh Bagalkote
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