The recent surge in memecoins has resulted in Shiba Inu surpassing Cardano in the top-10 crypto rankings by market capitalization.
The memecoin frenzy has experienced another bullish surge in the past few weeks, with Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), and others reaching new all-time highs. Many of these memecoins have overtaken established cryptocurrencies.
Cardano (ADA), previously ranked third in the crypto rankings during the 2020-21 bull market, is now placed 11th after SHIB. Shiba Inu currently has a market cap of $16.4 billion, slightly higher than Cardano’s market cap of $16.3 billion.
Cardano is currently trading at $0.45, which is more than 80% below its all-time high of over $3.10. While Bitcoin and other altcoins have recovered most of their losses from the last cycle and some have reached new all-time highs, Cardano, like Ripple, seems to be stuck in a price range.
In addition to SHIB, Pepe briefly surpassed Polygon (MATIC) to claim the 18th rank as the memecoin reached another all-time high. However, Pepe’s price quickly corrected and fell back to the 19th spot. Another popular new memecoin, WIF, overtook Hedera (HBAR) to secure the 28th spot as it regained its $4 billion market cap.
Currently, two memecoins, Dogecoin with a market cap of $23.8 billion and the newcomer SHIB, are among the top 10 crypto rankings.
The bull cycle of 2021 has witnessed different phases of memecoin rallies. However, this cycle is led by a new generation of memecoins that are less than a year old. Pepe, WIF, Book of Meme (BOME), and others that have achieved significant gains were all created within the past year.
The original memecoin, DOGE, and the popular one from the previous bull run, SHIB, have also experienced notable rallies in this cycle, but they are overshadowed by the success of the new memecoins or even their previous bull run performances.
While Bitcoin and most altcoins have been experiencing sideways price movements, with many in the red, memecoins have not only thrived but also reached new highs with double-digit gains. Six out of the top 10 gainers in the past 24 hours are memecoins, and the weekly charts show a similar trend.
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