The recent surge in memecoin popularity has led to significant shifts in the cryptocurrency market, with Shiba Inu overtaking Cardano in the top-10 rankings by market capitalization.
Over the past few weeks, the memecoin frenzy has sparked a bullish run, driving coins like Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), and others to new all-time highs (ATHs). This surge has seen several memecoins surpass established cryptocurrencies in market rankings.
Cardano (ADA), which was ranked third during the 2020-21 bull run, has now dropped to 11th place, just below Shiba Inu. Shiba Inu boasts a market cap of $16.4 billion, slightly edging out Cardano’s $16.3 billion.
Currently trading at $0.45, Cardano‘s value is more than 80% below its all-time high of over $3.10. While Bitcoin (BTC) and many altcoins have recovered from past losses and are reaching new ATHs, Cardano, much like Ripple (XRP), remains stagnant within a narrow price range.
In addition to Shiba Inu, Pepe briefly surpassed Polygon (MATIC) for the 18th rank as it hit a new all-time high. However, Pepe‘s price quickly corrected, sliding back to the 19th spot. Meanwhile, Dogwifhat (WIF) climbed to the 28th spot, surpassing Hedera (HBAR) with a market cap of $4 billion.
Among the top 10 cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB) are notable memecoin entrants, with market caps of $23.8 billion and $16.4 billion, respectively.
Summary Review: The recent memecoin craze has significantly impacted the cryptocurrency market, pushing established players like Cardano out of the top 10 rankings. Shiba Inu‘s rise to prominence, alongside other memecoins like Pepe and Dogwifhat, highlights the volatile and dynamic nature of the crypto landscape. As investors continue to flock to these trendy coins, traditional cryptocurrencies may face increasing pressure to adapt and innovate to maintain their positions. With Dogecoin and Shiba Inu now among the top cryptocurrencies by market cap, the influence of memecoins in the market is undeniable, marking a new era of digital asset investment.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
