- The recent surge in memecoins has caused Shiba Inu to surpass Cardano in market capitalization, pushing Cardano out of the top 10 cryptocurrencies.
- Memecoin frenzy has seen tokens like Pepe, Shiba Inu, Dogwifhat, and others reach all-time highs, outperforming many major coins.
- Cardano, which was third in market cap during the 2020-2021 bull run, is now ranked 11th, with Shiba Inu holding a market cap of $16.4 billion compared to Cardano’s $16.3 billion.
Discover how the rise of memecoins is reshaping the cryptocurrency landscape, pushing major coins like Cardano down the ranks.
Memecoins Surpassing Major Coins
Cardano is currently trading at $0.45, more than 80% below its all-time high of $3.10. While Bitcoin and other altcoins have recovered most of their losses from the last cycle, and some have even reached new highs, Cardano appears to be stuck in a narrow range, similar to Ripple (XRP).
Impact on Other Cryptocurrencies
In addition to SHIB, Pepe has also reached an all-time high, overtaking Polygon (MATIC) to claim the 18th spot. However, after a price correction, PEPE has fallen back to the 19th position. Another popular and new memecoin, WIF, has overtaken Hedera (HBAR) to secure the 28th spot with a market cap of $4 billion.
Conclusion
The rise of memecoins like Dogecoin and Shiba Inu, which are currently among the top 10 cryptocurrencies, highlights a significant shift in the market. Even newer memecoins such as PEPE, WIF, and BOME are experiencing substantial gains. Investors should conduct their own research and exercise caution, as all investments and trading activities carry risks.
