HomeCrypto NewsCardano loses top 10 spot in crypto rankings amid Memecoin frenzy

Cardano loses top 10 spot in crypto rankings amid Memecoin frenzy

Shiba Inu Surpasses Cardano in Top-10 Crypto Rankings Amid Memecoin Mania

The memecoin frenzy has taken the crypto world by storm once again, with Shiba Inu leading the charge by dethroning Cardano from the top-10 crypto rankings by market capitalization. The past couple of weeks have seen a bullish run for memecoins like Pepe, Shiba Inu, and Dogwifhat, with many of them reaching new all-time highs and surpassing established cryptocurrencies.

Cardano, which was once ranked third during the previous bull run, has now slipped to the 11th position after being overtaken by Shiba Inu. While Shiba Inu boasts a market cap of $16.4 billion, Cardano lags slightly behind at $16.3 billion. Despite trading at $0.45, Cardano is still far from its all-time high of over $3.10, unlike other altcoins that have recovered and even hit new ATHs.

In the midst of this memecoin mania, Pepe briefly surpassed Polygon for the 18th rank before experiencing a price correction. Similarly, Dogwifhat climbed past Hedera for the 28th spot as it reclaimed its $4 billion market cap. Notably, Dogecoin and Shiba Inu are currently among the top 10 crypto rankings, with Dogecoin holding a market cap of $23.8 billion.

The current bull cycle is witnessing a surge in new memecoins like Pepe, WIF, and Book of Meme, all of which have achieved impressive gains within the past year. Even the OG memecoin, Dogecoin, and the popular SHIB from the last bull run have seen significant rallies, although they are overshadowed by the success of newer memecoins.

While most cryptocurrencies are experiencing sideways price movement, memecoins have been thriving and making double-digit gains. Six out of the top 10 gainers in the past 24 hours are memecoins, highlighting their resilience and popularity in the current market. As the memecoin craze continues to captivate investors, the crypto world is witnessing a new era of meme-driven success stories.

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