Dogecoin, boasting a market capitalization of $23.8 billion, and the newcomer Shiba Inu, have both secured positions in the top 10 cryptocurrency rankings.
The recent surge in memecoin popularity has propelled Shiba Inu to surpass Cardano in market capitalization, knocking it out of the top 10 crypto rankings. During this period, memecoins like Pepe (PEPE), Shiba Inu (SHIB), and Dogwifhat (WIF) have reached new all-time highs, displacing established cryptocurrencies.
Cardano, which once held a prominent position as the third-ranked cryptocurrency during the previous bull market, has now slipped to 11th place, trailing behind SHIB. While Shiba Inu boasts a market capitalization of $16.4 billion, Cardano’s stands at $16.3 billion. Despite the recovery of Bitcoin and many other altcoins, Cardano, along with XRP, remains stagnant in its price movement, trading at around $0.45, significantly below its previous all-time high of over $3.10.
Pepe briefly surpassed Polygon (MATIC) to claim the 18th rank as its price surged to a new all-time high, only to retreat back to the 19th position shortly after. Meanwhile, WIF, a rising memecoin, surpassed Hedera (HBAR) to secure the 28th spot, driven by its regained $4-billion market cap.
Among the top 10 cryptocurrencies, Dogecoin (DOGE) and the newcomer SHIB continue to dominate, with DOGE boasting a market cap of $23.8 billion.
The bull cycle of 2021 witnessed various phases of memecoin surges. However, this current cycle is characterized by a wave of new memecoins emerging within the past year, such as Pepe, WIF, and Book of Meme (BOME), all experiencing significant double-digit gains.
While DOGE and SHIB, the OG and previously popular memecoins, have also seen notable rallies in this cycle, they are overshadowed by the explosive growth of these new memecoins. Even compared to their previous bull run performances, DOGE and SHIB’s rallies seem subdued.
While many cryptocurrencies, including Bitcoin and most altcoins, are experiencing sideways price movements or losses, memecoins have surged to new highs, consistently posting double-digit gains. Six out of the top 10 gainers in the last 24 hours are memecoins, and similar trends are reflected in weekly charts.
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