In the past few weeks, the rising trend in the memecoin space caused Shiba Inu to dethrone Cardano from the top 10 cryptocurrencies by market value. The memecoin frenzy witnessed another surge in the past few weeks as Pepe, Shiba Inu, Dogwifhat (WIF), and many other projects reached all-time highs (ATH). Most of these memecoin projects dethroned many heavyweight cryptocurrencies.
Memecoin Frenzy Continues
During the bull run of 2020-2021, Cardano ranked third in the crypto rankings, but it is now in 11th place after SHIB. Shiba Inu currently has a market value of $16.4 billion, while Cardano’s market value is $16.3 billion.
Cardano is trading 80% below its all-time high of $3.10, at $0.45. While Bitcoin and other altcoins have recovered most of their losses from the last cycle, and some have even produced new ATHs, Cardano seems to be stuck in a price range similar to Ripple.
As memecoins reach all-time highs, Pepe also surpassed Polygon to rise to 18th place, besides SHIB. However, within a few hours, Pepe’s price corrected, dropping back to 19th place. Another popular and new memecoin, WIF, reclaimed a market value of $4 billion, surpassing Hedera and settling in 28th place. Two memecoin projects, Dogecoin and the new entrant SHIB, currently occupy the top 10 crypto rankings with a market value of $23.8 billion.
Memecoin and Crypto Market
During the 2021 bull cycle, the memecoin bull run was seen at different stages, but this bull cycle is being led by a new memecoin era that is just a year old. Pepe, WIF, Book of Meme (BOME), and others with double-digit gains were all launched in the past year.
OG memecoin DOGE and the last bull run’s popular SHIB also witnessed significant rallies in this bull cycle, but they pale in comparison to new memecoin projects and even the rallies of the last bull run. While most Bitcoin and altcoins recorded horizontal price momentum and were mostly in the red, memecoins not only rose but also reached new peaks, achieving double-digit gains. Six of the top 10 gainers in the last 24 hours are memecoins, and the weekly charts paint a similar picture.
