Shiba Inu has recently overtaken Cardano in market capitalization, entering the top 10 cryptocurrencies. The memecoin rally gained momentum over the past few weeks, with tokens like Shiba Inu, Pepe, and Dogwifhat (WIF) hitting all-time highs. This surge has seen many heavyweight cryptocurrencies being displaced by these memecoin projects.
What Drives the Memecoin Frenzy?
In 2020-2021, Cardano was among the top three cryptocurrencies but has now dropped to 11th place. Shiba Inu, currently valued at $16.4 billion, has surpassed Cardano, which stands at $16.3 billion. While Bitcoin and other altcoins have recovered their losses, Cardano remains 80% below its all-time high, trading at $0.45.
Meanwhile, Pepe briefly climbed to 18th place before correcting back to 19th. Another new memecoin, WIF, achieved a market value of $4 billion, surpassing Hedera and placing 28th. Dogecoin and Shiba Inu now stand among the top 10 cryptocurrencies, with market values of $23.8 billion and $16.4 billion, respectively.
Why Are Memecoins So Popular?
The 2021 bull cycle featured various stages of memecoin rallies, but the current bull cycle is dominated by newer memecoins such as Pepe, WIF, and Book of Meme (BOME), all launched within the last year. Despite significant rallies from established memecoins like DOGE and SHIB, the newer projects have outperformed them.
While most Bitcoin and altcoins are experiencing horizontal price movement, memecoins are reaching new peaks with double-digit gains. Six out of the top 10 gainers in the past 24 hours are memecoins, reflecting a similar trend in weekly performance charts.
Key Takeaways
- Shiba Inu has overtaken Cardano with a market value of $16.4 billion.
- Pepe, a new memecoin, briefly reached 18th place but corrected to 19th.
- WIF, another new memecoin, achieved a market value of $4 billion, surpassing Hedera.
- Dogecoin and Shiba Inu now rank among the top 10 cryptocurrencies by market value.
As the memecoin phenomenon continues, cryptocurrencies like Shiba Inu and Dogecoin are solidifying their positions in the market. This trend highlights the growing influence of newer, and often more volatile, digital assets in the crypto space.
