crypto for all
A
A

Shiba Inu ejects Cardano from the top 10 cryptos

Thu 30 May 2024 ▪ 3 min of reading ▪ by Luc Jose A.
Trading

Shiba Inu achieves remarkable feats in the crypto world. The asset has just surpassed Cardano in terms of market capitalization, securing a place in the top 10 cryptos. More details on this performance.

Crypto : Shiba Inu surclasse Cardano et intègre le top 10

The rise of Shiba Inu and other memecoins

Shiba Inu (SHIB) has recently surpassed Cardano in terms of market capitalization, reaching 16.4 billion dollars. 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 like Dogwifhat (WIF), based on Solana, have also recorded notable gains. The WIF crypto surged by 21.4%, while Floki (FLOKI) and Bonk (BONK) managed to register double-digit gains. Even though Pepe only increased by 1.1%, it still gained 18% over the past week, currently ranking 19th in terms of market capitalization. These performances show sustained interest in memecoins, despite their often less structured projects compared to more established cryptos.

Cardano loses its place in the top 10 due to the rise of memecoins

Cardano (ADA) recently dropped to the 11th rank in terms of market capitalization, reaching 16.3 billion dollars. This notable decline is partly due to the rise of memecoins like Shiba Inu, which has attracted investors’ attention. The stagnant performance of Cardano, despite promises of updates and innovations, has failed to maintain investors’ interest compared to more speculative and exciting cryptos.

Memecoins, with their volatile nature and potential for quick gains, have diverted investments from more established projects like Cardano. This trend shows a shift in investor preferences towards high-risk, high-reward 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 Shiba Inu and the fall of Cardano highlight a significant shift in crypto investor preferences. The impressive performance of memecoins, despite their speculative nature, could indicate a lasting trend towards high-risk, high-reward assets.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
A
A
Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.