Memecoin mania sees Cardano knocked out of the top 10 crypto rankings

Two memecoins, Dogecoin, with a market cap of $23.8 billion, and new entrant Shiba Inu are currently in the top 10 crypto rankings.

The bullish memecoin run over the past couple of weeks has helped Shiba Inu dethrone Cardano from the top-10 crypto rankings by market capitalization.

The memecoin mania has seen another bullish run over the past couple of weeks, with Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF) and several others touching new all-time highs (ATHs). Many of these memecoins have dethroned several crypto heavyweights.

Cardano (ADA), once ranked third in the crypto rankings during the 2020-21 bull run, is currently placed 11th after SHIB. Shiba Inu currently has a market cap of $16.4 billion, while Cardano’s market cap is $16.3 billion.

Cardano is trading at $0.45, more than 80% below its all-time high of over $3.10. At a time when Bitcoin (BTC)  and other altcoins have recovered most of their losses from the last cycle and some are making new ATHs, Cardano, similar to Ripple (XRP), seems to be stuck in a price range.

Apart from SHIB, Pepe overtook Polygon (MATIC) for the 18th rank momentarily as the memecoin hit another new all-time high. However, within hours, Pepe’s price saw a correction and slid to the 19th spot again. WIF, another popular and new memecoin, overtook Hedera (HBAR) for the 28th spot as it reclaimed its $4 billion market cap.

Two memecoins, Dogecoin (DOGE), with a market cap of $23.8 billion, and new entrant SHIB, are currently in the top 10 crypto rankings.

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The 2021 bull cycle saw a memecoin bull run in different phases. However, this bull cycle is being led by a new era of memecoins that are barely a year old. Pepe, WIF, Book of Meme (BOME), and others that have achieved double-digit gains were all created within the past year.

The OG memecoin DOGE, and the popular one from the last bull run, SHIB, have also seen significant rallies this bull cycle, but they pale compared to the new memecoins or even to their last bull run rallies.

At a time when Bitcoin and a majority of the altcoins have recorded sideways price momentum with most in red, the memecoins have not only thrived but rose to new highs, making double-digit gains. Six out of the top 10 gainers over the past 24 hours are memecoins, and weekly charts paint a similar picture.