Memecoins
Shiba Inu expels Cardano from the top 10 cryptocurrencies
2.30pm ▪ 3 minute read ▪ by Luc Jose A.
Shiba Inu achieves extraordinary feats in the world of cryptocurrencies. The asset just surpassed Cardano in terms of market capitalization, securing its place in the top 10 cryptocurrencies. More details on this performance.
The rise of Shiba Inu and other memecoins
Shiba Inu (SHIB) it recently surpassed Cardano in terms of market capitalization, reaching $16.4 billion. This memecoin has gained popularity thanks to an active community and innovative marketing strategies. Recent announcements of development projects and partnerships have strengthened investor confidence, leading to a significant increase in its value.
In addition to Shiba Inu, other memecoins such as Solana-based Dogwifhat (WIF) have also registered notable earnings. The WIF cryptocurrency rose by 21.4%, while Floki (FLOKI) and Bonk (BONK) managed to post double-digit gains. Even though Pepe is up just 1.1%, it has still gained 18% over the past week, currently ranking 19th in terms of market capitalization. These performances show a constant interest in memecoins, despite their often less structured projects than more consolidated cryptocurrencies.
Cardano loses its place in the top 10 due to the rise of memecoins
Cardano (ADA) recently fell to 11th place in terms of market capitalization, reaching $16.3 billion. This notable decline is partly due to the rise of memecoins like Shiba Inu, which has attracted the attention of investors. Cardano’s stagnant performance, despite promises of upgrades and innovations, has failed to maintain investor interest compared to more speculative and exciting cryptocurrencies.
Memecoins, with their volatile nature and potential for quick profits, have diverted investments from more established projects like Cardano. This trend shows a shift in investor preferences towards high-risk, high-return assets. Cardano has suffered from this increased competition, and its slower development compared to other innovative projects has contributed to this loss of position.
The rise of the Shiba Inu and the fall of Cardan highlight a significant shift in cryptocurrency investor preferences. The impressive performance of memecoins, despite their speculative nature, could indicate a lasting trend towards high-risk, high-reward assets.
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.