Memecoin Frenzy has toppled Cardano (ADA) from its throne!
- Due to the recent surge in memecoins, Shiba Inu has surpassed Cardano in market capitalization, knocking Cardano out of the top ten cryptocurrencies.
- The Memecoin craze has seen tokens like Pepe, Shiba Inu, Dogwifhat, and more reach all-time highs, outperforming many major coins.
- Cardano, which was third in market capitalization during the bullish period of 2020-2021, is now ranked 11th, giving Shiba Inu a market capitalization of $16.4 billion, compared to Cardano’s $16.3 billion.
Learn how the rise of Memecoin is reshaping the cryptocurrency landscape and knocking major coins like Cardano down the rankings.
Memecoin outperforms major coins
Cardano is currently trading at $0.45, more than 80% below its all-time high of $3.10. While Bitcoin and other altcoins have recovered most of last cycle’s losses and some have even hit record highs, Cardano, like Ripple (XRP), appears to be stuck in a narrow range.
Impact on other cryptocurrencies
In addition to SHIB, Pepe also reached an all-time high, taking 18th place, ahead of Polygon (MATIC). However, after the price adjustment, PEPE fell back to 19th place. Another popular and new memecoin, WIF, surpassed Hedera (HBAR) to take 28th place with a market capitalization of $4 billion.
conclusion
The rise of memecoins such as Dogecoin and Shiba Inu, which are now among the top ten cryptocurrencies, highlights a significant shift in the market. Newer memecoins such as PEPE, WIF, and BOME are also experiencing significant gains. All investment and trading activities involve risk, so investors should conduct their own research and exercise caution.
