- The recent surge in meme coins has taken the crypto market by storm.
- This rise has led to established players like Cardano (ADA) losing their positions.
- Shiba Inu (SHIB) has notably entered the top 10 by market capitalization, dethroning Cardano.
Discover the latest trends in the crypto market as meme coins like SHIB and PEPE shake up the rankings, leaving established players like ADA and MATIC behind.
Shiba Inu (SHIB) Surpasses Cardano (ADA)
The cryptocurrency market is experiencing a renewed meme coin frenzy, led by Shiba Inu (SHIB). Over the past few weeks, SHIB has shown an impressive rise, pushing it into the top 10 by market capitalization and overtaking Cardano (ADA). This shift highlights the ongoing power struggle within the crypto landscape. The meme coin craze isn’t limited to SHIB alone. Other coins like Pepe (PEPE) and Dogwifhat (WIF) are also experiencing significant gains, some even reaching all-time highs (ATH). This newfound momentum has caused a shake-up in the rankings, leaving established players like Cardano trailing behind.
Cardano’s Decline
Once a top contender during the 2020-21 bull run, Cardano now finds itself in the 11th position, overshadowed by SHIB’s $16.4 billion market cap. In stark contrast, Cardano’s market valuation stands at $16.3 billion, significantly below its previous ATH. While Bitcoin and other altcoins show signs of recovery, Cardano appears to be stuck in neutral, sharing a similar fate with Ripple (XRP).
MATIC and HBAR Also Lag Behind
The story doesn’t end with Cardano. Pepe, another rising meme coin, briefly overtook Polygon (MATIC) from the 18th spot before undergoing a price correction. Meanwhile, WIF reclaimed a $4 billion market cap, surpassing Hedera (HBAR) at the 28th position. This bull run seems to be driven by a new generation of meme coins. Unlike established players like DOGE and SHIB, these newcomers are less than a year old. Coins like Pepe, WIF, and Book of Meme (BOME) have shown remarkable potential with double-digit gains.
Conclusion
The current market trend paints a clear picture: while meme coins are flourishing, established players are struggling. In the last 24 hours, six out of the top 10 gainers belong to the meme coin category, a sentiment echoed in the weekly charts. As the crypto landscape continues to evolve, it remains to be seen how long this meme coin mania will last and what it means for the future of established cryptocurrencies.
