The recent bullish run of memecoins has propelled Shiba Inu into the top-10 cryptocurrencies by market capitalization, surpassing Cardano.
Over the past couple of weeks, memecoins like Pepe, Shiba Inu, and Dogwifhat (WIF) have reached new all-time highs (ATHs), overtaking several established cryptocurrencies.
Cardano, which was once the third-ranked cryptocurrency during the 2020-21 bull run, has now slipped to 11th place, just behind Shiba Inu. Shiba Inu’s market cap stands at $16.4 billion, narrowly exceeding Cardano’s $16.3 billion.
Cardano is currently trading at $0.45, significantly down from its ATH of over $3.10.
While Bitcoin and other altcoins have recovered and even reached new ATHs, Cardano and Ripple have remained in a stagnant price range.
Besides Shiba Inu, Pepe temporarily overtook Polygon for the 18th position as it hit a new ATH. However, Pepe’s price soon corrected, dropping it back to the 19th spot.
Another rising memecoin, WIF, climbed to the 28th spot, surpassing Hedera with a market cap of $4 billion.
Currently, two memecoins, Dogecoin with a market cap of $23.8 billion and Shiba Inu, have secured places in the top 10 cryptocurrencies.
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This current bull cycle marks the emergence of a new era of memecoins, many of which are less than a year old.
Memecoins like Pepe, WIF, and Book of Meme (BOME) have seen substantial gains since their inception within the last year.
The original memecoin, Dogecoin, and Shiba Inu, popular from the last bull run, have also experienced significant rallies this cycle.
However, their performance has not matched that of the newer memecoins or even their past bull run performances.
Amidst the overall sideways momentum and predominantly red charts for Bitcoin and other altcoins, memecoins have flourished.
They have not only achieved new highs but have also recorded double-digit gains.
Notably, six out of the top 10 gainers over the past 24 hours are memecoins, with weekly charts reflecting similar trends.
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