With the strong rise of memecoins in recent weeks, Shibainu (SHIB) and Cardano (ADA) are competing for the top ten cryptocurrency market caps. Now, Shibainu is gradually replacing Cardano.
As of 7 a.m. local time on the 29th, Shibainu's market value reached $16.4 billion, surpassing Cardano's $16.3 billion market value. Cardano, which once ranked third in the 2020-2021 cryptocurrency rankings, is now even unable to enter the top ten.
Currently, Cardano is trading at $0.45, down more than 80% from its all-time high of $3.10. While Bitcoin and other altcoins have recovered most of their losses from the last cycle and hit new highs, Cardano and Ripple (XRP) seem to be stuck in a price range.
The strength of memecoins has driven a variety of tokens, including PEPE, Shibainu, and Dogwifhat (WIF), to new highs. These memecoins have entered the top ranks, surpassing existing major cryptocurrencies.
PEPE temporarily surpassed Polygon (MATIC) to rank 18th, but its price adjusted within hours and fell back to 19th place. Another popular new meme coin, WIF, surpassed Hedera with a market value of $4 billion and ranked 28th.
This round of bull market presents a different look from the past. In the bull market of 2021, meme coins showed a period of strength, but in this bull market, new meme coins born in the past year, such as PEPE, WIF and BOME, all showed a trend of keeping pace.
Dogecoin and Shibainu have also seen significant gains in this bull run, but they have not been able to match the gains of the new memecoin.
While Bitcoin and most altcoins are trending sideways and mostly down, memecoins are posting double-digit growth rates, hitting new highs. Six of the top 10 gainers in the past 24 hours are memecoins, and the weekly chart shows a similar trend.
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