Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Popular Meme Coin Shiba Inu Overtakes Avalanche in Market Value

Popular Meme Coin Shiba Inu Overtakes Avalanche in Market Value

Cryptodnes2024/08/06 06:21
By:Cryptodnes

Shiba Inu, a popular meme cryptocurrency, managed to claim the 12th place in the CMC ranking, surpassing Avalanche in market capitalization.

Shiba Inu is now valued at $7.9 billion compared to Avalanche’s $7.8 billion. Despite a severe downturn in the cryptocurrency market earlier today, Shiba Inu approached a low of $0.00001089 before rebounding to its current price of $0.00001325.

Among meme coins, Shiba Inu has been the standout performer, with only a 3% decline over the past 24 hours.

Global markets experienced significant turmoil today, with Japanese stocks facing their worst decline since the late 1980s and the tech-heavy Nasdaq index plunging over 6%. This market upheaval is attributed to disappointing tech earnings and concerning economic data, raising fears of a potential US recession.

READ MORE:
Solana Faces Pressure from High Inflation and Rising Token Supply

In response, there are growing calls for an emergency rate cut to stabilize the markets. Polymarket users now see a higher likelihood of a 50 basis-point rate cut, with the odds tripling in recent days. Risk assets, including cryptocurrencies, are anticipated to benefit from a more accommodative monetary policy.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

WEMIX Foundation Unveils WEMIX PAY Buyback Plan to Drive Sustainable Token Growth

The WEMIX Foundation remains committed to continuous innovation and community-driven growth, aligning its efforts with the evolving needs of its users.

Coinomedia2025/05/18 17:44
WEMIX Foundation Unveils WEMIX PAY Buyback Plan to Drive Sustainable Token Growth

Troller Cat Charges Toward 4000% ROI as Neiro and Notcoin Cool—Best Cryptos for Beginners in 2025

Troller Cat heats up as Stage 5 kicks in. Compare it with Neiro, and Notcoin to discover the best cryptos for beginners.Troller Cat ($TCAT): Stage 5 Goes Live—A 34.95% Price Boost Signals the Race Is OnNeiro ($NEIRO) Crashes Over 12% as Volume Surges Past Market Cap in High-Volatility MoveNotcoin ($NOT) Drops Over 6% as Traders Pull Back Amid Slowing VolumeConclusion

Coinomedia2025/05/18 17:44
Troller Cat Charges Toward 4000% ROI as Neiro and Notcoin Cool—Best Cryptos for Beginners in 2025