In recent weeks, memecoins like Dogecoin and Shiba Inu have surged into the spotlight, catapulting into the top ten cryptocurrency rankings. Shiba Inu, riding a wave of popularity, has now overtaken Cardano in terms of market capitalization, marking a significant shift in the crypto landscape.

The rise of memecoins has been nothing short of meteoric, with tokens such as Pepe, Shiba Inu, and Dogwifhat achieving unprecedented highs. This rapid ascent has reshuffled the rankings, pushing Cardano from its former third-place position to 11th, trailing behind Shiba Inu. Currently, Shiba Inu boasts a market cap of $16.4 billion, edging just ahead of Cardano's $16.3 billion.

Despite Cardano trading at $0.45, significantly down from its peak of over $3.10, its market movement resembles that of XRP, consolidating within a defined price range. Meanwhile, Bitcoin and other altcoins have largely rebounded from previous losses, with some reaching new peaks.

In a surprising turn, Pepe briefly surpassed Polygon for the 18th spot, while Dogwifhat exceeded Hedera to claim the 28th position, underscoring the rapid ascent of these memecoins to new heights. This surge highlights a bullish trend driven by newer entrants like Pepe, Dogwifhat, and Book of Meme, many of which are less than a year old.

While established memecoins like Dogecoin and Shiba Inu have seen substantial gains, their growth appears relatively subdued compared to the newer contenders. Amidst Bitcoin's stability and a diverse array of altcoins, memecoins continue to flourish, achieving remarkable highs and impressive gains. Notably, more than half of the top ten gainers in the past 24 hours belong to the memecoin category, underscoring their current dominance in the crypto market.