#carnadodoge
Which Cryptocurrency Is More Likely to Be a Millionaire Maker? Dogecoin vs. Cardano
People keep coming back to crypto for its purported ability to make one rich overnight. The enduring tale is that a modest pile of coins bought today will swell into a life-changing fortune tomorrow. Two of the perennial crowd-pleasers in that genre are Dogecoin (DOGE -2.35%) and Cardano (ADA -1.83%).
Both have fan bases that are convinced they hold the ticket to seven-figure wealth. Yet markets, like gravity, enforce limits. Before stuffing money into either coin, investors should ask what has to happen, in cold numeric terms, for a fresh buyer of either of these assets today to become a millionaire.
Let's start with discussing the scale involved with either of these coins making anyone into a millionaire.
Dogecoin's market cap hovers near $24 billion. Cardano's is about $19 billion. Neither of these assets are in their freshman year at this point.
Suppose an investor puts $50,000 into either coin -- an unrealistic amount for many investors, and an incredibly unwise amount to allocate to either of these two cryptocurrencies. Hitting $1 million, even with that unreasonably large sum, demands a 20-fold return. And a gain of that size would push Dogecoin's market cap to roughly $500 billion, and Cardano's to about $410 billion.
For context, $500 billion is almost double that of the market cap of Ethereum (ETH -1.61%), a chain that has an entire decentralized finance (deFi) ecosystem, with hundreds of projects, thousands of developers, and many billions worth of investments with fiat currency.
The meme coin would need to absorb a flood of fresh capital far exceeding anything it has previously attracted, all without meaningful help from fundamentals, as it has none. Cardano's bar is slightly lower here but still implies overtaking all of its larger rivals, and it hasn't ever really threatened them meaningfully in any financial, technological, or ecosystem quality dimension as of yet.
