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A series of memecoins rose to the throne, removing many names from the cryptocurrency rankings
Now, the memecoin craze has seen another surge in price over the past few weeks, with Pepe, Shiba Inu, Dogwifat (WIF) and several others hitting new all-time highs (ATH). Many of these memecoins have dethroned some crypto heavyweights.
Cardano, which ranked third in the cryptocurrency rankings during the 2020-21 bull run, is now 11th behind SHIB. Shiba Inu currently has a market capitalization of $16.4 billion, while Cardano's market capitalization is $16.3 billion.
Outside of SHIB, Pepe momentarily surpassed Polygon in 18th place as memecoin hit a new all-time high. However, within just a few hours, Pepe's price had a correction and slid to 19th place. WIF, another new and popular memecoin surpassed Hedera (HBAR) to regain its capitalization of over 4 billion USD.
The 2021 bull cycle saw an explosion of memecoins, but the current cycle is led by new memecoins like Pepe, WIF, and Book of Meme (BOME), which have posted double-digit gains in just one year .
DOGE and SHIB also increased significantly but pale in comparison to the new memecoin. While Bitcoin and other altcoins have largely moved sideways, memecoin has posted double-digit gains, with six of the top ten gainers over the past 24 hours being memecoins.
