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In a surprising turn of events, two memecoins—Dogecoin, with a market cap of $23.8 billion, and Shiba Inu—have surged into the top 10 crypto rankings. This recent bullish run has seen Shiba Inu dethrone Cardano, now relegated to the 11th spot with a market cap of $16.3 billion, just behind Shiba Inu’s $16.4 billion.
The past few weeks have witnessed an extraordinary rise in memecoin values. Dogecoin, with a $23.8 billion market cap, and the new contender Shiba Inu have both claimed spots in the top 10 cryptocurrencies. Their impressive performance has ousted Cardano from its previous high ranking.
The memecoin market has experienced a bullish phase, with coins like Pepe (PEPE), Shiba Inu (SHIB), and Dogwifhat (WIF) reaching new all-time highs. These gains have led to several established cryptocurrencies being dethroned. Cardano (ADA), once the third-largest cryptocurrency during the 2020-21 bull run, now ranks 11th.
Cardano’s current price of $0.45 is more than 80% below its all-time high of over $3.10. While Bitcoin (BTC) and many altcoins have recovered most of their losses and are setting new all-time highs, Cardano, similar to Ripple (XRP), remains stuck in a narrow trading range.
Apart from SHIB, Pepe briefly overtook Polygon (MATIC) for the 18th position as it hit a new all-time high. However, Pepe soon corrected and slid back to 19th place. Meanwhile, WIF, another new memecoin, overtook Hedera (HBAR) for the 28th spot, reclaiming its $4 billion market cap.
The current bull cycle is being led by a new wave of memecoins, such as Pepe, WIF, and Book of Meme (BOME), which have all seen double-digit gains within the past year. The OG memecoin Dogecoin and the popular Shiba Inu from the last bull run have also experienced significant rallies, but these pale in comparison to the meteoric rise of newer memecoins.
While Bitcoin and most altcoins have shown sideways price movement or have been in the red, memecoins have thrived. Six out of the top 10 gainers over the past 24 hours are memecoins, and the weekly charts show a similar trend. The memecoin mania continues to dominate the crypto landscape, pushing traditional heavyweights down the rankings.