Dogecoin (DOGE) has reclaimed its position as the eighth-largest cryptocurrency, surpassing Cardano (ADA) in market capitalization yet again. Recent market data reveals that Dogecoin's market cap has surged to around $28 billion, outpacing Cardano's valuation of $27.3 billion.

The meme-based cryptocurrency achieved this feat through a remarkable V-shaped recovery, outperforming many other alternative coins in the past 24 hours. It currently stands as the fifth best-performing cryptocurrency among the top 100 in the same timeframe.

Analyzing the latest data from IntoTheBlock, approximately 57.62% of Dogecoin addresses are holding the cryptocurrency at a profit, while 34.15% are at a loss, with a small fraction of 8.22% breaking even. Notably, the market has seen a surge in activity, with 4.33K large transactions recorded in the last 24 hours, marking a seven-day high.

Earlier in March, Dogecoin briefly surpassed Cardano in market cap, prompting a playful response from Cardano's founder, Charles Hoskinson, who humorously remarked, "It's officially alt-season kids." Despite these gains, Dogecoin still has a considerable distance to cover to reach its previous peak, as it remains 76% below its all-time high, even as Bitcoin and other altcoins have recently hit new highs.

In a notable achievement back in April 2021, Dogecoin climbed to the fourth position by market capitalization, surpassing XRP and other cryptocurrencies, even outpacing the market value of car manufacturing giant BMW in a remarkable display of strength.