The latest craze in the world of cryptocurrency is the surge of Dogecoin and Shiba Inu, which have both made it to the top 10 rankings.

The recent surge in the value of bullish memecoins has led to Shiba Inu surpassing Cardano in the top 10 rankings of cryptocurrencies by market capitalization. The trend of memecoin craze has resulted in another rise in value over the past few weeks, including Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), and others reaching new all-time highs. This has caused many of these memecoins to overtake established players in the crypto market.

ADA, formerly the third-ranked cryptocurrency during the bullish period of 2020-2021, now sits at 11th place, being surpassed by SHIB. SHIB’s market cap currently stands at $16.4 billion, slightly higher than Cardano’s market cap of $16.3 billion. Trading at $0.45, Cardano’s price has fallen more than 80% from its previous peak of $3.10. While other cryptocurrencies like Bitcoin and altcoins have bounced back and even reached new all-time highs, Cardano (similar to XRP) appears to be stagnant in terms of price movement.

Except for SHIB, Pepe briefly surpassed Polygon (MATIC) to become the 18th highest ranked cryptocurrency as it reached a new record high. However, the price of Pepe quickly decreased within a few hours and it returned to the 19th spot. WIF, another widely known and recently created memecoin, took over Hedera (HBAR) to claim the 28th spot as its market capitalization regained its value of $4 billion.

Rewritten: Currently, two of the top 10 cryptocurrencies are Dogecoin (DOGE) with a market capitalization of $23.8 billion and a newly introduced coin, SHIB.

The co-founder of YouTube has shown support for a cryptocurrency that is based on the first popular cat meme on the platform.

During the 2021 bull market, there was an increase in popular memecoins. These new memecoins, such as Pepe, WIF, Book of Meme (BOME), and others, which have seen significant gains, were all established within the last year.

During this bull cycle, there have been notable increases in value for the well-known memecoins DOGE and SHIB, which gained popularity in the last bull run. However, these gains are overshadowed by the recent rise of new memecoins and are not on the same scale as their previous bull run growth.

During a period when Bitcoin and the majority of alternative cryptocurrencies have experienced stagnant prices, with many showing losses, meme-inspired coins have not only flourished but also reached new peaks, achieving significant increases. Among the top 10 biggest gainers within the last 24 hours, six are memecoins, a trend that is reflected in weekly charts.

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