Shiba Inu Surpasses Cardano in Market Value

Shiba Inu Overtakes Cardano in Market Capitalization

In recent weeks, the surge in popularity of memecoins has propelled Shiba Inu (SHIB) past Cardano (ADA) in the top 10 cryptocurrencies by market value.

Memecoin Boom

The memecoin craze has reached new heights, with projects like Pepe, SHIB, and Dogwifhat (WIF) reaching all-time highs (ATHs). These projects have outperformed several established cryptocurrencies.

Cardano's Decline

During the 2020-2021 bull run, Cardano ranked third in the crypto rankings. However, it now sits at 11th place, behind SHIB. SHIB currently has a market capitalization of $16.4 billion, while Cardano's is $16.3 billion.

Cardano is trading at $0.45, significantly below its ATH of $3.10. While Bitcoin and other altcoins have recovered from the recent market downturn, Cardano remains stuck in a tight price range.

Pepe and WIF Rise

Amidst the memecoin boom, Pepe has surpassed Polygon to reach 18th place. However, its price corrected soon after, dropping back to 19th place. Another popular memecoin, WIF, has regained a market value of $4 billion, surpassing Hedera and settling at 28th place.

Dogecoin and SHIB Dominate Top 10

Dogecoin and the newly launched SHIB both hold market capitalizations above $23 billion, making them part of the top 10 cryptocurrencies.

New Era of Memecoins

The current memecoin bull run is being driven by a new generation of projects that are less than a year old. Pepe, WIF, and Book of Meme (BOME) are among those that have seen double-digit gains.

While the broader crypto market has been relatively stagnant, memecoins have experienced significant growth and reached new milestones. Six out of the top ten gainers in the past 24 hours are memecoins, a trend that is also evident in the weekly charts.