The recent surge in memecoins has resulted in Shiba Inu surpassing Cardano in the top-10 crypto rankings by market capitalization. Memecoins like Pepe, Shiba Inu, Dogwifhat, and others have experienced a bullish run, reaching new all-time highs and displacing established cryptocurrencies.
Cardano, previously ranked third during the 2020-21 bull run, now finds itself in 11th place after Shiba Inu. Shiba Inu currently boasts 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% lower than its all-time high of over $3.10. While Bitcoin and other altcoins have recovered most of their losses and some have even reached new all-time highs, Cardano, like Ripple, seems to be stuck in a price range.
In addition to Shiba Inu, Pepe briefly surpassed Polygon for the 18th rank as it hit a new all-time high. However, Pepe’s price quickly corrected itself and fell back to the 19th spot. Another popular memecoin, WIF, overtook Hedera for the 28th spot as it reclaimed its $4 billion market cap.
Currently, two memecoins, Dogecoin with a market cap of $23.8 billion and the newcomer SHIB, are in the top 10 crypto rankings.
The bull cycle of 2021 has witnessed several phases of memecoin rallies. However, this particular cycle is being driven by a new generation of memecoins that are less than a year old. Memecoins like Pepe, WIF, Book of Meme (BOME), and others have achieved significant gains despite their recent creation.
While the original memecoin DOGE and the popular one from the previous bull run, SHIB, have also experienced notable rallies, they pale in comparison to the success of the new memecoins or even their previous bull run performances.
Interestingly, while Bitcoin and most altcoins have been experiencing sideways price movements and losses, 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 tell a similar story.
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