Memecoin mania sees Cardano knocked out of the top 10 crypto rankings

Memecoins Surge, Toppling Cardano from Top 10

The recent surge in memecoins has propelled Shiba Inu (SHIB) past Cardano (ADA) in the top-10 crypto rankings by market capitalization.

Memecoin Mania

Memecoins have experienced a significant rise in popularity, with Pepe (PEPE), SHIB, and Dogwifhat (WIF) reaching new all-time highs (ATHs). This surge has led to the displacement of several established cryptocurrencies.

Cardano's Decline

Cardano, once ranked third in the crypto market in 2020-21, has now fallen to 11th place behind SHIB. SHIB currently boasts a market cap of $16.4 billion, surpassing Cardano's $16.3 billion.

Technical Analysis

Cardano is trading around $0.45, significantly below its ATH of $3.10. Unlike Bitcoin (BTC) and other altcoins that have recovered from the previous market cycle, Cardano, like Ripple (XRP), remains within a narrow price range.

Other Memecoin Gains

Besides SHIB, Pepe briefly overtook Polygon (MATIC) for 18th place, reaching a new ATH. However, its price subsequently corrected, returning to 19th place. WIF also gained ground, overtaking Hedera (HBAR) for 28th place and regaining its $4 billion market cap.

Memecoins in Top 10

Dogecoin (DOGE), with a market cap of $23.8 billion, and SHIB have entered the top 10 crypto rankings, replacing established projects.

New Generation of Memecoins

The current memecoin bull cycle is characterized by a new wave of tokens launched within the past year. Pepe, WIF, and Book of Meme (BOME) have all achieved significant gains.

Strong Performance Amidst Market Downturn

While Bitcoin and most altcoins have exhibited sideways movement or declines, memecoins have flourished, reaching new heights and posting double-digit gains. Six of the top ten gainers over the past 24 hours have been memecoins.