Memecoin Mania Ousts Cardano from Top 10
2 min read
Memecoin Mania Ousts Cardano from Top 10
In recent weeks, there’s been a noteworthy surge in the value of various memecoins, a trend that has propelled Shiba Inu to surpass Cardano in the top-10 crypto rankings by market capitalization. This memecoin fever has fueled impressive growth for coins like Pepe, Shiba Inu, and Dogwifhat, pushing them to achieve new all-time highs (ATHs). Through this bullish period, numerous lesser-known memecoins have ousted established cryptocurrencies from their high-ranking positions.
Cardano, which held the third spot in the crypto hierarchy during the bullish market of 2020-21, now finds itself at 11th place, right behind Shiba Inu. Shiba Inu boasts a market cap of $16.4 billion, narrowly ahead of Cardano’s $16.3 billion valuation. Cardano is currently trading at $0.45, a significant drop from its all-time high of over $3.10. While Bitcoin and other altcoins have rebounded from previous downturns and some have even set new ATHs, Cardano has remained relatively stagnant, languishing in a narrow trading range similar to Ripple.
Pepe also momentarily climbed the rankings, overtaking Polygon for the 18th spot as it achieved another all-time high. Pepe experienced a swift correction and slipped back to the 19th position within hours. Another rising star, Dogwifhat, managed to surpass Hedera and secure the 28th position by reaching a market cap of $4 billion.
Among the top memecoins, Dogecoin and Shiba Inu have solidified their places in the top 10, with Dogecoin holding a market cap of $23.8 billion. This ascent underscores the evolving landscape of the crypto market, as newer memecoins lead the charge in this bullish cycle. While the 2021 bull run featured memecoins during various phases, the current cycle is dominated by a newer generation, including Pepe, Dogwifhat, and Book of Meme. These memecoins have seen double-digit gains and were all launched within the past year.
The original memecoin, Dogecoin, and the well-known Shiba Inu from the last bull run have also enjoyed notable rallies during this period. Their gains have been overshadowed by the astronomical rises of the newcomer memecoins, which have achieved greater growth rates. Despite a largely tepid market for Bitcoin and most other altcoins, with many trading sideways or even dipping, memecoins have defied the trend.
Over the past 24 hours, six out of the top 10 gainers have been memecoins, demonstrating their robust performance. The same trend is evident on weekly charts, where memecoins continue to dominate the list of high performers. This highlights the speculative fervor and investor interest driving the memecoin market.
The extraordinary performance of these memecoins amidst a generally lackluster crypto market raises questions about the sustainability of their gains. While traditional cryptocurrencies have struggled, memecoins have attracted significant attention and investment, suggesting a shift in market sentiment.
The recent bullish run of memecoins like Shiba Inu, Dogwifhat, and Pepe has reshaped the crypto rankings, at least temporarily. These coins’ ability to dethrone more established cryptocurrencies speaks to the volatile and unpredictable nature of the digital asset market. As memecoins continue to thrive, their future trajectory remains a subject of keen interest and speculation within the crypto community.
Memecoins taking center stage is a sight to behold! 🎤 Shoutout to Shiba Inu for leading the pack! 🐶📈
Shiba Inu’s rise above Cardano is just the tip of the iceberg for meme coins! Excited to see what’s next!
Memecoins taking over the crypto charts? Yes, please! Excited to see where Shiba Inu and the gang go next!
Are we really going to let coins like Dogwifhat dictate the market trends? This is getting ridiculous .
Speculative fervor around memecoins is insane . What happened to investing in technology and long-term utility?
Memecoins are having their moment and it’s epic! Shiba Inu, Dogwifhat, and Pepe are leading the charge!
Seeing Shiba Inu and other memecoins climb the ranks is thrilling! Keep defying expectations!
Shiba Inu coming up in the ranks shows the power of community and hype! This is why I love crypto!
Memecoins dominating the market is a clear sign we’re in a speculative bubble . Be careful, folks!
Shiba Inu surpassing Cardano is the buzz we needed! Crypto markets are so dynamic and exciting right now!
Kudos to the newcomers like Shiba Inu and Pepe for shaking up the crypto rankings! 🌟 This is what makes crypto so exciting! 💫
The memecoin rally is impressive! So proud of Shiba Inu and the crew for making history!
Shiba Inu doing so well is a testament to the wild and wonderful world of crypto! 🌌 Never a dull moment! 💥
Wow! This memecoin surge is absolutely insane! Shiba Inu surpassing Cardano is just mind-blowing!
So cool to see these newer memecoins dominating the market! Keep it up, Shiba Inu!
It’s kind of sad that years of hard work on projects like Cardano can be overshadowed by a few months of memecoin mania .
The crypto world is always full of surprises! Shiba Inu overtaking Cardano is definitely one of them!
Shiba Inu and Pepe making waves in the crypto market! It’s amazing to watch these coins grow!
What a time to be involved in crypto! Memecoins like Dogwifhat breaking records is just exhilarating!
The underdogs are really shining in this bull run! Memecoins like Shiba Inu deserve all the hype they’re getting!
Hats off to these memecoins for defying all odds and shaking up the rankings! The future looks bright for this new generation of tokens!
This memecoin hype is getting out of hand . How can something like Shiba Inu surpass Cardano!? It’s absurd.
The memecoin fever is real! Pepe and Dogwifhat raking up those gains is proof that anything can happen in crypto!
I can’t believe people are pouring money into these memecoins 🤦♂️. It feels like a massive bubble just waiting to burst.
Amazing to see the rise and dominance of memecoins! Shiba Inu deserves the spotlight it’s getting!
The rise of memecoins is nothing short of spectacular. From Dogecoin to Shiba Inu, it’s a thrill to watch!
I don’t see a future in chasing after memecoins for quick gains 💰. It’s risky and unsustainable.
From Shiba Inu to Dogwifhat, the memecoin buzz is real! Love seeing these coins achieve new ATHs!
It’s like the market has collectively lost its mind chasing after these gimmicky coins 🤑. This won’t end well.
Seeing Shiba Inu leapfrog Cardano is wild! 🐶 Just goes to show the unpredictable nature of this market! 📊🔥
The fact that Pepe momentarily overtook Polygon is just wild to me 😵. Are we living in the Twilight Zone?
In awe of Shiba Inu’s journey from meme to mainstream! 🐕 What an exciting time to be in crypto! 💹💥
Who would’ve thought memecoins would dethrone giants like Cardano? Truly a spectacular sight!
How long can this memecoin madness last before it all comes crashing down? I’m worried for those caught up in the hype .