The recent surge in memecoin popularity has led to significant shifts in the cryptocurrency rankings. Dogecoin, with a market cap of $23.8 billion, and newcomer Shiba Inu have entered the top 10, displacing Cardano from its position.
Shiba Inu Surpasses Cardano
The bullish momentum of memecoins over the past few weeks has propelled Shiba Inu into the top 10 cryptocurrencies by market capitalization, pushing Cardano down to the 11th spot. Shiba Inu now boasts a market cap of $16.4 billion, slightly ahead of Cardano’s $16.3 billion.
Cardano, which once ranked third during the 2020-21 bull run, is currently trading at $0.45, over 80% below its all-time high of $3.10. While Bitcoin and other altcoins have recovered most of their losses and some have even reached new all-time highs, Cardano remains stagnant, similar to Ripple (XRP).
Rise of New Memecoins
In addition to Shiba Inu, other memecoins like Pepe, Dogwifhat (WIF), and several others have reached new all-time highs. These memecoins have displaced several established cryptocurrencies from their positions. For instance, Pepe briefly overtook Polygon (MATIC) for the 18th rank before correcting and sliding back to the 19th spot. WIF surpassed Hedera (HBAR) for the 28th spot, reclaiming a $4 billion market cap.
The 2021 bull cycle saw memecoins gaining in different phases. This current bull cycle, however, is dominated by a new generation of memecoins that are barely a year old. Pepe, WIF, Book of Meme (BOME), and others have achieved double-digit gains since their creation within the past year.
OG Memecoins and Market Dynamics
The original memecoin, Dogecoin (DOGE), and the popular Shiba Inu from the last bull run have also seen significant rallies in this cycle, though they haven't matched the explosive growth of the newer memecoins. Despite the overall sideways price movement and declines in the broader cryptocurrency market, memecoins have thrived, reaching new highs and posting double-digit gains.
As of now, six of the top 10 gainers over the past 24 hours are memecoins, with similar trends visible in the weekly charts. This highlights the strong performance and investor interest in memecoins during this phase of the market cycle.
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