Shiba Inu Surpasses Cardano in Market Cap as New Memecoin Era Rises
Release: 2024/05/30 03:04 Reading: 947
Memecoin Surge Propels Shiba Inu into Top 10 Cryptocurrencies
The recent surge in memecoin valuations has propelled Shiba Inu into the top 10 cryptocurrencies by market capitalization, surpassing Cardano. In the last few weeks, memecoins such as Pepe, Dogwifhat (WIF), and Shiba Inu have reached all-time highs (ATHs), overtaking established cryptocurrencies. Cardano, once ranked as the third-largest cryptocurrency during the 2020-21 bull run, has now fallen to 11th place, just below Shiba Inu. Shiba Inu's market capitalization stands at $16.4 billion, marginally surpassing Cardano's $16.3 billion. Cardano is currently trading at $0.45, down significantly from its ATH of $3.10.
While Bitcoin and other altcoins have recovered and even reached new ATHs, Cardano and Ripple have exhibited limited price movement. Besides Shiba Inu, Pepe briefly surpassed Polygon for 18th position, reaching a new ATH. However, Pepe's price has since corrected, dropping it back to 19th place. Another rising memecoin, WIF, has climbed to 28th position, overtaking Hedera with a market capitalization of $4 billion.
Dogecoin, with a market capitalization of $23.8 billion, and Shiba Inu have secured positions in the top 10 cryptocurrencies. This bull cycle marks a new era for memecoins, with many emerging in the last year.
Memecoins like Pepe, WIF, and Book of Meme (BOME) have witnessed substantial gains since their inception. Dogecoin and Shiba Inu, popular from the previous bull run, have also experienced significant rallies. However, their performance has not matched that of the newer memecoins.
Amidst the overall sideways momentum and negative price movements for Bitcoin and other altcoins, memecoins have flourished, achieving new highs and recording double-digit gains. Notably, six of the top 10 gainers over the past 24 hours are memecoins, with weekly charts reflecting similar trends.
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