Popular Meme Coin Shiba Inu Overtakes Avalanche in Market Value

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.

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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.

Alexander Stefanov