The memecoin rischiano di sfrattare Cardano dalla top 10 crypto

ADA di Cardano sta per uscire dalla top 10 delle crypto a maggiore capitalizzazione di mercato: la colpa potrebbe essere delle memecoin.

In recent times ADA is not performing particularly well, from a price perspective, while some memecoin are doing well. 

The top 10 crypto: Cardano risks its position due to memecoin

At this moment the native cryptocurrency of Cardano, ADA, has a capitalization slightly above 16.3 billion dollars. 

Questo la mette in decima posizione assoluta su CoinMarketCap tra le crypto a maggior capitalizzazione, anche se due delle prime dieci sono stablecoin (USDT e USDC), ma rischia di finire all’undicesimo posto.

To tell the truth, according to CoinGecko’s data, it would already be in eleventh place, because this aggregator places STETH (Lido Staked Ether) in sixth place with more than 36.1 billion dollars in capitalization. CoinMarketCap, on the other hand, curiously does not include STETH in the top 10 despite recognizing it with almost 36.1 billion dollars in market capitalization. 

STETH però è un wrapped token di Ethereum, quindi in realtà la sua capitalizzazione di mercato sarebbe già conteggiata in quella di ETH. Infatti anche WBTC (Wrapped Bitcoin) da CoinMarketCap non viene inserito al quindicesimo posto, nonostante i suoi 10,5 miliardi di dollari di capitalizzazione, mentre CoinGecko la mette.

In theory, to correctly calculate the overall capitalization of the mercati crypto, STETH and WBTC should not be counted, as they are merely replicas of ETH and BTC on other chains. Therefore, the correct calculation is that of CoinMarketCap, 2.550 trillion dollars, and not that of CoinGecko, 2.698.

According to the data from CoinMarketCap, in the eleventh place there is SHIB (Shiba Inu) with just under 16.2 billion dollars. ADA, with its 16.3 billion, is very close, and moreover, while SHIB is at +7% in the last 24 hours, ADA is practically stationary. 

ADA of Cardano

Il prezzo della criptovaluta nativa di Cardano è sceso del 4,8% negli ultimi sette giorni, ma è ancora in linea con quello di inizio maggio. 

The 2024 started at 0.59$, so since then the loss has been 22%, given that now it is around 0.46$.

The current price is in line with that of November 2023, but also with that of February of last year. 

Practically excluding the mini-bubbles, the price of ADA has been moving sideways since the end of May 2022, that is, just after the implosion of Terra/Luna. 

Just think that compared to the price at the end of May 2022, Bitcoin is now at +130% and that of Ethereum at +110%.

Taking as a reference the all-time highs of 2021, the comparison is even more ruthless: BTC is at -8%, ETH at -22% while ADA is even at -85%. 

The problem with Cardano was not the bear-market of 2022, but the missed recoveries in 2023 and 2024. 

While Bitcoin in 2023 went from $16,000 to over $40,000, ADA went from $0.25 to $0.59, but only to then fall back below $0.5. 

In particular, after reaching $0.77 in March of this year, it recorded a retracement of 50% in the following month, followed by a modest +15%.

Due to this strong retracement in the last two months, it is about to exit the top 10. 

The sector of memecoin

A scalzare Cardano dalla top 10 potrebbe essere SHIB (Shiba Inu). 

At this moment Shiba Inu is at +6% compared to seven days ago, and at +16% compared to a month ago. 

Since the beginning of the year, it has made a remarkable leap that has taken it from 10 to 27 millionths of a dollar. 

Its market capitalization has risen from 6 billion dollars at the end of 2023 to the current 16 billion, almost tripling. 

Thanks to this rise SHIB is about to enter the top 10, displacing Cardano, whose market capitalization during this 2024 has fallen from 21 billion to less than 17. 

Moreover, it is not only the memecoin Shiba Inu that is performing well. 

For example, Dogecoin is at +17% compared to thirty days ago and at +83% since the beginning of the year. 

Sta facendo bene anche la memecoin WIF (dogwifhat) su Solana, che è salita al ventottesimo posto assoluto per capitalizzazione di mercato grazie ad un +38% negli ultimi trenta giorni ed a un +2.300% da inizio anno. 

In the top 10 crypto, there is only one memecoin (Dogecoin), but there are three in the top 20 (with SHIB and PEPE), and as many as six in the top 50. WIF is the fourth, ahead of BONK and Floki. 

Anche PEPE is performing very well, with +116% in the last 30 days, and +1,000% since the beginning of the year. 

The fact is that when there is still enthusiasm in the crypto markets, but the big ones no longer grow, such enthusiasm spills over to the more volatile speculative crypto, primarily the memecoin. 

Il Crypto Fear & Greed Index è ancora sopra quota 70, ovvero nettamente in zona euforia, ma Bitcoin e Ethereum ormai lateralizzano da più di due mesi.