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.
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.
Bitcoin and the crypto market as a whole experienced a swift recovery this past day, with most prices being in the green.
A cryptocurrency trader recently achieved a staggering 100-fold return by investing in the meme coin First Neiro (NEIRO).
TRON’s founder, Justin Sun, envisions the cryptocurrency climbing to the top three alongside Bitcoin and Ethereum within the next two years.
Arthur Hayes, the founder of BitMEX, has recently praised Aptos (APT) for its potential to address various inefficiencies in the traditional finance (TradFi) sector.