The recent surge in memecoins has resulted in Shiba Inu surpassing Cardano in the top-10 crypto rankings by market capitalization.
Over the past few weeks, memecoins such as Pepe, Shiba Inu, Dogwifhat, and others have experienced a bullish run, reaching new all-time highs. As a result, several crypto heavyweights have been overtaken.
Cardano, which was once ranked third during the bull run in 2020-21, is now placed 11th, following SHIB. Shiba Inu currently holds a market cap of $16.4 billion, slightly edging out Cardano’s market cap of $16.3 billion.
Cardano’s current trading price is $0.45, a significant drop of over 80% from its all-time high of $3.10. While Bitcoin and other altcoins have regained most of their losses from the previous cycle and are even reaching new all-time highs, Cardano seems to be stuck in a stagnant price range, similar to Ripple.
In addition to SHIB, Pepe briefly overtook Polygon for the 18th rank as it reached another new all-time high. However, Pepe’s price quickly corrected within hours, causing it to slide back to the 19th spot. Another popular memecoin, WIF, reclaimed its $4 billion market cap and surpassed Hedera for the 28th spot.
Currently, two memecoins, Dogecoin with a market cap of $23.8 billion and the newcomer SHIB, are among the top 10 crypto rankings.
This year’s bull cycle has witnessed a surge in memecoins in various phases. However, the current bull cycle is being driven by a new generation of memecoins that are less than a year old. Memecoins such as Pepe, WIF, Book of Meme, and others have achieved substantial gains despite being created within the past year.
While the original memecoin DOGE and the popular one from the previous bull run, SHIB, have also experienced significant rallies this cycle, they pale in comparison to the performance of the new memecoins or even their previous bull run rallies.
While most cryptocurrencies, including Bitcoin and altcoins, have been experiencing sideways price momentum with many in the red, memecoins have not only thrived but have also reached new highs, experiencing double-digit gains. In fact, six out of the top 10 gainers in the past 24 hours are memecoins, and the weekly charts paint a similar picture.
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