The recent memecoin mania seen across the cryptocurrency space, which saw newly launched memecoins including $PEPE surge exponentially, has also seen established digital assets move downward in market capitalization rankings, with Cardano ($ADA) briefly booted off of the top 10.
According to available market data the meme-inspired cryptocurrency Shiba Inu ($SHIB) briefly overtook Cardano’s ADA in terms of market capitalization before enduring a sell-off that saw drop back down below the top 10 cryptocurrencies by market capitalization.
At the time of writing SHIB has a $16 billion market capitalization after losing over 2% of its value in a short period of time, while Cardano’s ADA rose significantly to now have a total market capitalization of $16.4 billion.
SHIB briefly overtook Cardano amid a broader memecoin trend that has seen tokens that also include Dogwifht (WIF) and Floki Inu experience significant price increases over the last few weeks.
Cardano, once a top-three contender during the 2020-2021 bull run, has seen its price performance lag behind other cryptocurrency giants over the current market cycle, moving up just 21.4% over the past year, compared to Bitcoin’s 144% rise over the same period, and Ethereum’s 101% rally.
While Bitcoin and Ethereum have been surging over the last few months other major altcoins that have seemingly fallen from grace maintain sluggish price performance, with XRP, XLM, MATIC, and TRX being other notable examples.
Dogecoin ($DOGE) remains the lading memecoin with a total market capitalization of $23.7 billion, above Toncoin’s $22.5 billion market capitalization, but behind XRP’s $29.3 billion.
It’s worth noting that the 2021 bull run also saw a memecoin phase that saw several newly launched cryptocurrencies explode amid a retail trading frenzy. Some of those memecoins are still actively traded.
Featured image via Unsplash.
