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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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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.