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The Shiba Inu is achieving remarkable feats in the cryptocurrency world. The asset has just surpassed Cardano in terms of market capitalization, securing a spot in the top 10 cryptocurrencies. More details about this show.
The rise of the Shiba Inu and other memecoins
Shiba Inu (SHIB) recently surpassed Cardano in terms of market capitalization, reaching $16.4 billion. This memecoin has gained popularity due to its active community and innovative marketing strategies. Recent announcements of development projects and partnerships have boosted 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 seen notable gains. Crypto WIF surged 21.4%, while Floki (FLOKI) and Bonk (BONK) managed to post double-digit gains. Even though Pepe only rose 1.1%, the crypto still gained 18% over the past week and is currently the 19th largest cryptocurrency by market cap. These performances show continued interest in memecoins, despite their often less structured projects compared to more established cryptocurrencies.
Cardano loses its top 10 spot in face of memecoin surge
Cardano (ADA) recently dropped to 11th place in terms of market capitalization, reaching $16.3 billion. This significant decline is partly due to the rise of memecoins such as Shiba Inu, which has attracted the attention of investors. Cardano’s stagnant performance, despite promises of updates and innovations, has failed to keep investors interested in more speculative and exciting cryptocurrencies.
Memecoins, with their volatile nature and potential for quick profits, have drawn investment away from more established projects like Cardano. This trend shows a shift in investor preferences towards high-risk, high-return assets. Cardano suffered from this increased competition, and its slower development compared to other innovative projects contributed to this loss of position. However, Cardano seems to have regained its momentum and regained its place in the top 10 at the start of the day.
The rise of the Shiba Inu and the temporary fall of Cardano highlight a significant shift in the preferences of crypto investors. The impressive performance of memecoins, despite their speculative nature, could indicate a continued trend towards high-risk, high-reward assets.
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A graduate of Sciences Po Toulouse and holder of a blockchain advisor certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.