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In the past few weeks, the rising trend in the memecoin space led Shiba Inu to surpass Cardano in the top 10 cryptocurrency rankings by market value. The memecoin frenzy witnessed another surge in the past few weeks, with projects like Pepe, Shiba Inu, Dogwifhat (WIF), and many others reaching all-time highs (ATH). Many of these memecoin projects dethroned several heavyweight cryptocurrencies.
Memecoin Frenzy Continues
During the bull run of 2020-2021, Cardano ranked third in the crypto rankings but now sits at 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 at $0.45, 80% below its all-time high of $3.10. 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, besides SHIB, also surpassed Polygon to rise to 18th place. However, within a few hours, Pepe’s price corrected and fell back to 19th place. Another popular and new memecoin, WIF, reclaimed a market value of $4 billion, surpassing Hedera and settling at 28th place. Two memecoin projects, Dogecoin and the newly entered SHIB, currently hold a market value of $23.8 billion and are in the top 10 cryptocurrency rankings.
Memecoin and the 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 barely a year old. Pepe, WIF, Book of Meme (BOME), and others that have achieved double-digit gains were all launched within the past year.
OG memecoin DOGE and the popular one from the last bull run, SHIB, also witnessed significant rallies in this bull cycle, but they pale in comparison to the new memecoin projects and even the rallies from 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 out of the top ten gainers in the last 24 hours are memecoins, and the weekly charts paint a similar picture.
