Dogecoin and Shiba Inu, two notorious ‘memecoins,’ are currently boasting spots in the top ten crypto ranking. The surging popularity of memecoins over the past several weeks has allowed Shiba Inu to outstrip Cardano in terms of market capitalization.
It’s been an energetic time for memecoins, with tokens like Pepe, Shiba Inu, and Dogwifhat hitting new record highs. The explosive growth of these trending cryptocurrencies has led to them nudging some of the established players aside. Among those affected is Cardano, which has slipped from its previous third-place ranking to the 11th spot, now trailing Shiba Inu. Shiba Inu has a market cap of $16.4 billion, edging out Cardano’s $16.3 billion.
Despite trading at $0.45, over 80% below its record high of more than $3.10, Cardano seems to be bound within a certain price range, much like XRP. Simultaneously, Bitcoin and other altcoins have mostly recovered from their last cycle’s losses, with some even reaching new heights.
In a surprising turn, Pepe momentarily ousted Polygon for the 18th rank and Dogwifhat surpassed Hedera for the 28th spot as these memecoins soared to new pinnacle values. These remarkable upsurges speak to a bullish cycle dominated by new, mostly less than a year old, memecoins like Pepe, Dogwifhat, and Book of Meme.
While notable memecoins, such as Dogecoin and Shiba Inu, have garnered significant rallies within this cycle, they still seem lackluster compared to the newcomers. Amidst Bitcoin and a surplus of altcoins experiencing a flat price phase, memecoins have continued to thrive, reaching new highs and making impressive gains. Consequently, more than half of the top ten gainers over the past 24 hours are memecoins, demonstrating their current dominance within the crypto market.