Cardano falls out of the top 10 cryptocurrency rankings due to Meme coin frenzy

  • Currently ranked among the top 10 cryptocurrency are two memecoins: Dogecoin, which has a market capitalization of $23.8 billion, and Shiba Inu, a recent addition.

Thanks to the recent bullish run in meme coin, Shiba Inu has surpassed Cardano in the market capitalization rankings of the top ten cryptocurrencies.

Over the past few weeks, there has been another bullish surge in the memecoin fever, with numerous tokens, including Dogwifhat (WIF), Shiba Inu SHIB tickers down $0.000028, Pepe PEPE tickers down $0.000015, and several more reaching new all-time highs (ATHs).

Numerous meme coins have overthrown a number of prominent cryptocurrency figures.

Cardano, which was rated third in the cryptocurrency rankings during the bull run of 2020–21, is currently ranked eleventh, below SHIB. Presently, the market capitalization of Cardano is $16.3 billion, and that of Shiba Inu is $16.4 billion.

At $0.45, Cardano is selling at a price that is almost 80% below its peak of around $3.10. Cardano, like Ripple XRP tickers down $0.53, appears to be locked in a price range at a time when Bitcoin and other cryptocurrencies have recovered most of their losses from the last cycle and some are making new ATHs.

Aside from SHIB, Pepe briefly surpassed Polygon MATIC tickers down $0.7399 for the 18th position as the meme coin reached yet another record-breaking high. But in a matter of hours, Pepe’s price corrected and fell back to the 19th position. WIF, a well-liked and recently launched meme coin, surpassed Hedera HBAR $0.11 to take the 28th position and regained its $4 billion market value.

Two meme coins are presently ranked in the top 10 in cryptocurrency: SHIB, a recent arrival, and Dogecoin DOGE, which is down $0.17 and has a market capitalization of $23.8 billion.

There were various stages of a memecoin bull run during the 2021 bull cycle. Nevertheless, a fresh wave of meme coins that are only a year old is driving the current bull cycle. Among the projects that have had double-digit gains are Pepe, WIF, Book of Meme (BOME), and others that were started in the previous year.

This bull cycle has witnessed notable rallies for the original meme coin DOGE and the well-known one from the last bull run, SHIB, but they are insignificant in comparison to the rallies for the new meme coins or even the ones from their previous bull runs.

Memecoins have not only prospered but also reached new heights, generating double-digit gains, during a period when Bitcoin and most other altcoins have shown sideways price motion, with the majority of them in red. Memetic coins have made up six of the top ten gainers in the last 24 hours, and weekly charts show a similar trend.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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