Meme Coins Dominate: Shiba Inu Overtakes Cardano in Top 10 Crypto Rankings
Summary:
The recent surge of meme-themed cryptocurrencies has led to Shiba Inu dethroning Cardano, pushing it out of the top ten cryptocurrencies by market value. The ongoing meme coin trend is dominated by tokens such as Shiba Inu, Pepe, and Dogwifhat, many of which are less than a year old but have seen substantial double-digit growth. While Bitcoin and others show fluctuating price momentum, these meme coins have consistently reached new heights.
The recent surge of interest in memecoins has propelled Shiba Inu ahead of Cardano, pushing it out of the top ten cryptocurrencies by market value. Memecoin madness has seen an impressive uptick in the last few weeks with Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF) and several others reaching new record highs. These playful tokens have surpassed numerous traditional cryptocurrency giants. Cardano (ADA), which previously occupied a top-three spot during the 2020-2021 bull run, now sits in the 11th place, replaced by SHIB. Shiba Inu's market cap stands at $16.4 billion, slightly edging Cardano's $16.3 billion.
Cardano currently sits at $0.45, a significant drop of over 80% from its highest value of more than $3.10. While Bitcoin (BTC) and other altcoins have managed to recover from previous cycle downturns and some have reached new peaks, Cardano, much like Ripple (XRP), appears to be languishing in a stagnant price range.
Beyond SHIB, Pepe briefly surpassed Polygon (MATIC) to claim the 18th rank as the memecoin hit another record high. It quickly experienced a price correction within hours and slipped back into the 19th position. WIF, another new and trending memecoin, superseded Hedera (HBAR) to reach the 28th place once it regained its $4 billion market cap.
Currently, two memecoins, Dogecoin (DOGE)—with a market cap of $23.8 billion—and the newly ascendant SHIB, find themselves among the top ten in cryptocurrency rankings.
The current bull cycle has seen an unprecedented memecoin boom. However, it's being driven by a raft of new memecoins barely a year old, such as Pepe, WIF, and Book of Meme (BOME), all of which have seen significant double-digit growth. While DOGE, the original memecoin, and SHIB, the star of the last bull run, have seen substantial rallies, they are overshadowed by the newcomers' performance.
Amid a time of fluctuating price momentum for Bitcoin and most altcoins—most in the red—the memecoins have not just sustained, but reached new heights, making impressive double-digit gains. Six of the top ten best performers in the last 24 hours are memecoins, a trend reflected in their weekly growth as well.
Published At
5/29/2024 12:11:13 PM
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