Crypto News today- Cardano Loses Top 10 Cryptos Spot as Memecoins Dominate

Cardano Loses from Top 10 Cryptos Due to Memecoin Boom

Crypto News– Over the past couple of weeks, a bullish run in memecoins has propelled Shiba Inu to surpass Cardano in the top-10 crypto rankings by market capitalization.

The memecoin mania has driven significant gains, with coins like Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), and others reaching new all-time highs. This surge has resulted in several memecoins overtaking established cryptocurrencies.

Cardano (ADA), which once held the third position in the crypto rankings during the 2020-21 bull run, has now slipped to 11th place, just behind Shiba Inu. Currently, Shiba Inu boasts a market cap of $16.4 billion, narrowly edging out Cardano’s $16.3 billion.

Cardano is trading at $0.45, a sharp decline of over 80% from its all-time high of more than $3.10. While Bitcoin (BTC) and other altcoins have managed to recover much of their losses from the previous cycle, and some are even reaching new all-time highs, Cardano, similar to Ripple (XRP), appears to be stuck within a limited price range.

Cardano Falls Out of Top 10 Cryptos Amid Memecoin Surge

The 2021 bull cycle witnessed a memecoin surge that came in different phases. In contrast, the current bull cycle is being driven by a new generation of memecoins that are barely a year old. Pepe, WIF, Book of Meme (BOME), and others, all created within the past year, have achieved impressive double-digit gains.

While the original memecoin, Dogecoin (DOGE), and the popular Shiba Inu (SHIB) from the last bull run have also seen significant rallies this cycle, their gains are modest compared to the new memecoins or even their own performances in the previous bull run.

In a period where Bitcoin and most altcoins have shown sideways price movement, often dipping into the red, memecoins have not only thrived but soared to new highs, posting double-digit gains. Remarkably, six out of the top ten gainers over the past 24 hours are memecoins, and the weekly charts reflect a similar trend.

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