Shiba Inu Overtakes Cardano in Market Value

Shiba Inu Surpasses Cardano in Market Capitalization

In recent weeks, the memecoin market has witnessed a significant surge, with Shiba Inu (SHIB) dethroning Cardano (ADA) from the top 10 cryptocurrencies by market value.

Cardano, which ranked third during the 2020-2021 bull market, now finds itself in 11th place, following SHIB. As of today, SHIB boasts a market capitalization of $16.4 billion, while Cardano's stands at $16.3 billion.

Cardano's current price of $0.45 is 80% below its all-time high of $3.10, stagnating within a narrow price range similar to Ripple. This stagnation contrasts with the strong recovery and ATH performance of both Bitcoin and other altcoins.

Meanwhile, the memecoin frenzy continues. Pepecoin (PEPE) has risen to 18th place, surpassing Polygon. However, its price has since corrected, dropping back to 19th place. Dogwifhat (WIF), another popular memecoin, has reclaimed a market value of $4 billion, placing it in 28th position.

Notably, Dogecoin (DOGE) and SHIB, two prominent memecoins, currently occupy the top 10 crypto rankings, with a combined market capitalization of $23.8 billion.

The current memecoin bull run represents a significant departure from previous bull cycles. Unlike the OG memecoin DOGE and SHIB's popularity in the last bull run, the current surge is fueled by a new generation of memecoins that have emerged within the past year.

These new projects, such as Pepecoin, WIF, Book of Meme (BOME), have consistently outperformed Bitcoin and other altcoins, recording double-digit gains and reaching new peaks. Six of the top 10 gainers in the last 24 hours and the weekly charts reflect the dominance of memecoins in the current market landscape.