Amid rising uncertainty in the crypto market, a growing number of cryptos are now down as much as 20% over the past 30 days. Two names that particularly stand out are Dogecoin (CRYPTO: DOGE) and Cardano (CRYPTO: ADA). They have nearly identical market capitalizations ($8.5 billion), and both are currently trading for less than $1 per token.

So is this an opportunity for investors to buy the dip on a beaten-down, undervalued crypto? Let's take a closer look at which crypto is the better investment.

A big factor in Dogecoin's favor is the Elon Musk connection. Ever since the billionaire acquired Twitter (now rebranded as X) in 2022, there has been enormous speculation about how Dogecoin might be integrated into the social media platform. Back in April, Musk even went so far as to swap out the image of the iconic Twitter bird for an image of the Dogecoin dog mascot. 

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Source Fool.com