Memecoin mania pushes Cardano out of the top 10 crypto rankings.

### Memecoin Frenzy Propels Shiba Inu Past Cardano in Crypto Rankings

The recent surge in memecoins has led to Shiba Inu overtaking Cardano in the top 10 crypto rankings by market capitalization. Over the past few weeks, the memecoin mania has seen significant gains from Pepe (PEPE), Shiba Inu (SHIB), and Dogwifhat (WIF), among others, with many reaching new all-time highs.

Cardano (ADA), which was once ranked third during the 2020-21 bull run, has now dropped to 11th place with a market cap of $16.3 billion, just behind Shiba Inu’s $16.4 billion. Cardano is currently trading at $0.45, over 80% below its all-time high of more than $3.10. While Bitcoin (BTC) and other altcoins have mostly recovered their losses and some have even hit new highs, Cardano, much like Ripple (XRP), remains in a stagnant price range.

Pepe momentarily overtook Polygon (MATIC) to secure the 18th rank before experiencing a price correction and slipping to the 19th spot. WIF, another popular and new memecoin, surpassed Hedera (HBAR) to claim the 28th spot, reclaiming a $4 billion market cap. Dogecoin (DOGE), with a market cap of $23.8 billion, and the new entrant SHIB are currently among the top 10 cryptocurrencies.

### A New Era of Memecoins

The 2021 bull cycle witnessed a memecoin surge in different phases. However, the current bull cycle is being led by a new generation of memecoins, many of which are less than a year old. Pepe, WIF, and Book of Meme (BOME) have all achieved double-digit gains within the past year. While the original memecoin DOGE and the popular SHIB from the last bull run have also seen significant rallies this cycle, their performance pales in comparison to the new memecoins or even their previous bull run rallies.

### Market Impact

At a time when Bitcoin and the majority of altcoins have experienced sideways price movement, with most in the red, memecoins have not only thrived but have also soared to new highs, achieving double-digit gains. Six out of the top 10 gainers over the past 24 hours are memecoins, with weekly charts painting a similar picture. The memecoin frenzy continues to reshape the crypto landscape, pushing established cryptocurrencies like Cardano out of the top rankings.

### Industry Perspectives

According to industry experts, the rise of memecoins could potentially bridge the gap between the Web3 industry and government, even though decentralized finance, zero-knowledge, and permissionless solutions are not yet being considered. The innovative characteristics of these memecoins in the payments world, whether improvements to existing applications or entirely new applications, are prioritized.

As the memecoin mania continues, the market remains dynamic, with new entrants challenging the established order and reshaping the crypto rankings.

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