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.
Ethereum investors who bought at higher price levels are now struggling to inject new capital into the market, raising doubts about the cryptocurrency’s ability to regain momentum, according to Chinese on-chain analyst Murphy.
Dogecoin’s network has seen a massive uptick in activity, with the number of active addresses skyrocketing by 400%, according to blockchain analytics.
Ella Zhang, head of YZi Labs (formerly Binance Labs), has observed a noticeable change in crypto investment patterns.
21Shares has decided to shut down its Bitcoin and Ethereum futures ETFs, with liquidation expected to take place by March 28.