Shiba Inu Surpasses Avalanche in Market Capitalization
Meme cryptocurrency Shiba Inu (SHIB) has made an impressive comeback, surpassing Avalanche (AVAX) in market capitalization. As of now, Shiba Inu is valued at $8.05 billion, while Avalanche stands at $7.91 billion.
Price Volatility Amid Market Crash
Earlier today, the price of Shiba Inu nearly added another zero to its price tag during a sharp cryptocurrency market downturn. According to CoinGecko, SHIB hit an intraday low of $0.00001089 but has since rebounded, currently trading at $0.00001325.
Performance Among Meme Coins
Shiba Inu is currently the best-performing meme coin, experiencing a modest decline of only 3% in the past 24 hours. In comparison:
- Dogecoin (DOGE) is down nearly 10%.
- Pepe (PEPE) has fallen by 15%.
- Dogwifhat (WIF) has dropped by 14%.
Global Market Impact
The global markets experienced significant turmoil today. Japanese stocks had their worst day since the late 1980s, while U.S. stocks also suffered, with the Nasdaq index dropping more than 6%.
The market downturn is attributed to disappointing tech earnings and concerning economic data. As a result, traders are increasingly worried about the potential for a U.S. recession.
Potential Monetary Policy Changes
Amid the market crash, there have been calls for an emergency rate cut to boost optimism. According to U.Today, Polymarket users now consider a 50 basis-point rate cut more likely, with the odds having tripled in recent days. A looser monetary policy could be beneficial for risk assets, including cryptocurrencies.
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