The memecoin's bullish surge over the past two weeks has helped Shiba Inu dislodge Cardano from the top 10 rankings of cryptocurrencies by market capitalization.
Memecoin mania has seen another upward trend over the past couple of weeks, with Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), and several others hitting all-time highs (ATHs). Many of these memes have dethroned several heavyweight cryptocurrencies.
Cardano (ADA), which held third place in the cryptocurrency rankings during the 2020-2021 bull run, is currently ranked 11th behind SHIB. Shiba Inu currently has a market cap of $16.4 billion, while Cardano has a market cap of $16.3 billion.
Cardano is trading at $0.45, 80% below its all-time high of over $3.10. While Bitcoin (BTC) and other altcoins have recovered most of their losses from the last cycle and some are making new ATH coins, Cardano, similar to Ripple (XRP), appears to be stuck in a price range.
Aside from SHIB, Pepe overtook Polygon (MATIC) to take 18th place momentarily as memecoin reached another new all-time high. However, within hours, Pepe's price saw a correction and dropped to 19th place again. WIF, another popular and new memecoin, overtook Hedera (HBAR) to take 28th place as it regained its market cap of $4 billion.
Two meme coins, Dogecoin (DOGE), with a market cap of $23.8 billion, and newcomer SHIB, are currently in the top 10 of our cryptocurrency rankings.
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The 2021 bull cycle has seen memecoin rally at different stages. However, this bull cycle is being led by a new era of meme coins that are only a year old. Pepe, WIF, Book of Meme (BOME) and other companies posted double-digit gains over the past year.
The OG memecoin DOGE, and the popular coin from the last bull run, SHIB, have also seen big rises in this bull cycle, but they pale in comparison to newer memecoins or even their recent highs.
While Bitcoin and the majority of altcoins registered sideways price momentum with most of them in the red, memecoins not only thrived, but rose to new highs, posting double-digit gains. Six of the top ten gainers in the past 24 hours are memecoins, and the weekly charts paint a similar picture.
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