Shiba Inu Overtakes Cardano in Market Value
Release: 2024/05/29 20:54 Reading: 838
Shiba Inu Surges Past Cardano in Market Cap
In recent weeks, the surge in popularity of memecoins culminated in Shiba Inu (SHIB) eclipsing Cardano (ADA) among the top 10 cryptocurrencies by market capitalization.
Memecoin Mania
Amidst the cryptocurrency bull run of 2020-2021, Cardano soared to third place in market rankings. However, it has since slipped to 11th position, overtaken by SHIB's current market cap of $16.4 billion, slightly above Cardano's $16.3 billion.
Cardano Lags Behind
Cardano's price currently trades 80% below its all-time high of $3.10, hovering around $0.45. Notably, Bitcoin and other altcoins have recovered significantly from their previous losses, with some reaching new highs. In contrast, Cardano remains within a price range similar to Ripple.
Memecoins Dominate
Alongside SHIB's ascent, Pepe surpassed Polygon to claim 18th place. However, its price soon corrected, falling back to 19th. Another rising memecoin, Dogwifhat (WIF), surged in value, eclipsing Hedera and securing 28th position. Dogecoin and SHIB, the leaders of the memecoin movement, currently occupy the top 10 cryptocurrency rankings, with a combined market cap of $23.8 billion.
A New Era of Memecoins
The previous memecoin bull run of 2021 witnessed a different landscape. However, the current surge is being driven by a new generation of memecoins that have emerged over the past year. Pepe, WIF, Book of Meme (BOME), and others have experienced double-digit gains.
Memecoin Momentum
While the broader crypto market has remained relatively stagnant, memecoins have shown remarkable resilience, reaching new heights. Six of the top 10 gainers in the last 24 hours have been memecoins, and the weekly charts reflect a similar trend.
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