Dogecoin and Shiba Inu, both well-known memecoins, have recently risen to prominence in the top ten cryptocurrency rankings. The surge in popularity of memecoins in recent weeks has propelled Shiba Inu to surpass Cardano in terms of market capitalization.

It has been a dynamic period for memecoins, with tokens like Pepe, Shiba Inu, and Dogwifhat achieving record highs. The rapid growth of these trending cryptocurrencies has displaced some established players. Cardano, for instance, has dropped from its previous third-place position to 11th place, now trailing behind Shiba Inu. Shiba Inu holds a market cap of $16.4 billion, slightly ahead of Cardano's $16.3 billion.

Despite trading at $0.45, which is over 80% below its peak of more than $3.10, Cardano appears to be consolidating within a specific price range, akin to XRP. Meanwhile, Bitcoin and other altcoins have mostly recovered from losses in their previous cycles, with some even achieving new highs.

In a surprising twist, Pepe briefly surpassed Polygon for the 18th rank, and Dogwifhat surpassed Hedera for the 28th spot as these memecoins soared to new peak values. These significant increases highlight a bullish cycle driven by newer memecoins, many of which are less than a year old, such as Pepe, Dogwifhat, and Book of Meme.

While established memecoins like Dogecoin and Shiba Inu have seen substantial rallies in this cycle, they appear less dynamic compared to the emerging newcomers. Amidst a period of relatively stable prices for Bitcoin and a multitude of altcoins, memecoins continue to thrive, achieving new highs and impressive gains. As a result, more than half of the top ten gainers over the past 24 hours are memecoins, underscoring their current dominance in the crypto market.