Thanks to the recent bullish run in memecoin, Shiba Inu has surpassed Cardano in the market capitalization rankings of the top ten cryptocurrencies.
Over the past few weeks, there has been another bullish surge in the memecoin fever, with numerous altcoins reaching new all-time highs (ATHs), including Pepe PEPE $0.000015, Shiba Inu SHIB $0.000028, and Dogwifhat (WIF).
During the bull market of 2020–21, Cardano ADA $0.46 was ranked third in the cryptocurrency rankings but is currently ranked eleventh, behind SHIB. Presently, the market capitalisation of Cardano is $16.3 billion, and that of Shiba Inu is $16.4 billion.
At $0.46, Cardano is selling at a price that is almost 80% below its peak of around $3.10. Cardano, like Ripple XRP $0.53, appears to be trapped in a price range at a time when Bitcoin BTC $67,938 and other altcoins are recuperating most of their losses from the previous cycle and some are setting new ATHs.
In addition to SHIB, Pepe briefly surpassed Polygon MATIC $0.7400 for the 18th position as the memecoin reached yet another record-breaking high. But in a matter of hours, Pepe’s price adjusted and fell back to the 19th position.
WIF, a well-liked and recently launched memecoin, surpassed Hedera HBAR $0.11 to take the 28th position and regained its $4 billion market value.
This bull cycle has witnessed notable rallies for the original memecoin DOGE and the well-known SHIB, but they are insignificant in comparison to the rallies for the new memecoins or even the ones from their previous bull runs.
Memecoins have not only prospered but also reached new heights, generating double-digit gains, during a period when Bitcoin and most other altcoins have shown sideways price motion, with the majority of them in red. Memecoins account for six of the ten best-performing coins during the last 24 hours, and similar trends are shown in weekly charts.