Memecoin Frenzy Dethrones Cardano From Top 10
28 May, 2024 ● Crypto News
Over the recent weeks, the enthusiastic surge in memecoins has propelled Shiba Inu ahead of Cardano in the top-10 cryptocurrency rankings by market cap.
Recently, memecoin frenzy has initiated another bullish surge, elevating Pepe, Shiba Inu, Dogwifhat (WIF), and others to unprecedented peaks.
These memecoins have surpassed numerous established cryptocurrencies.
Previously occupying the third spot in cryptocurrency rankings during the 2020-21 bull market, Cardano is now ranked 11th, below SHIB.
The market cap of Shiba Inu stands at $16.4 billion, slightly surpassing Cardano's $16.3 billion.
Currently, Cardano’s price is $0.45, a significant drop from its peak of over $3.10, and is trading over 80% below this high.
While Bitcoin and other cryptocurrencies have mostly recouped their previous cycle losses and are hitting new highs, Cardano, similar to Ripple, appears to be confined within a certain price range.
In addition to SHIB, Pepe momentarily surpassed Polygon to reach the 18th position as it achieved a new high.
Yet, within a few hours, Pepe's price corrected, bringing it back down to the 19th position. Meanwhile, WIF has ascended to the 28th position, regaining its $4 billion market cap.
Dogecoin, with a market cap of $23.8 billion, and the newcomer SHIB, are currently among the top 10 in the cryptocurrency rankings.
The 2021 bull cycle included phases of memecoin rallies.
However, this cycle is dominated by a new wave of memecoins, some less than a year old, like Pepe, WIF, and Book of Meme (BOME), all achieving substantial gains since their creation last year.
The original memecoin, DOGE, and SHIB, prominent in the last bull market, have also experienced significant growth in this cycle, though their increases are modest compared to the newest memecoins or even their own previous performances.
While Bitcoin and most altcoins are experiencing stagnant price movements with many in decline, memecoins have not only flourished but reached new heights, securing double-digit gains.
Among the top gainers over the last day, six are memecoins, a trend that is mirrored in the weekly data.
Sources:
https://cointelegraph.com/news/memecoin-mania-cardano-out-top-10
https://www.tradingview.com/symbols/PEPEUSD/
https://www.tradingview.com/symbols/SHIBUSD/
https://www.tradingview.com/symbols/DOGEUSD/
