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Cryptocurrency News Articles
Shiba Inu (SHIB) Surpasses Avalanche (AVAX) in Market Cap After an Astonishing Comeback
Aug 06, 2024 at 03:57 pm
Shiba Inu, more often known as a meme cryptocurrency, has successfully staged an astonishing comeback. Market capitalization-wise, the meme cryptocurrency is now higher than Avalanche.
Shiba Inu (SHIB) has outpaced Avalanche (AVAX) in market capitalization after an impressive comeback, solidifying its position as a leading meme cryptocurrency.
SHIB Surpasses AVAX
Shiba Inu, best known as a meme cryptocurrency, has staged an impressive comeback.
The meme cryptocurrency is now ranked higher than Avalanche in terms of market capitalization. The digital currencies have market caps of $8.05B and $7.91B, respectively.
The price of the meme coin nearly added another zero as the cryptocurrency market crashed earlier today.
According to CoinGecko, Shiba Inu earlier hit an intraday low of $0.00001089. However, it recovered most of its losses and was trading at $0.00001325 earlier today.
Top-Performing Meme Coin
SHIB is currently the top-performing meme coin, with only a 3% loss in value over the past 24 hours. Dogecoin (DOGE), on the other hand, has dropped by around 10%, while Dogwifhat (WIF) and Pepe (PEPE) have lost 14% and 15% of their value, respectively.
Earlier today, Japanese stocks had their worst day since the late 80s as global markets crashed, with the tech-heavy Nasdaq index losing over 6% in a steep decline for US stocks.
Weak tech earnings and worsening economic data have battered the market, leaving traders speculating on a possible recession in the United States.
The market crash has prompted calls for an emergency rate cut to restore investor confidence, with Polymarket users now betting on the possibility. The probability of a 50-basis-point rate cut has increased threefold in the past three days.
Impact of Eased Monetary Policy
A looser monetary policy is typically considered favorable for risky assets such as cryptocurrencies.
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- Robbins Geller Rudman & Dowd LLP Announces that Purchasers or Acquirers of Coinbase Global, Inc. (NASDAQ: COIN) Publicly Traded Securities between April 14, 2021 and July 25, 2024 Have Until November 12, 2024 to Seek Appointm
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- Brett Favre diagnosed with Parkinson's disease, retired NFL quarterback tells Congress
- Sep 25, 2024 at 12:15 pm
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- AI Tokens Lead the Charge in the Crypto Week Ahead
- Sep 25, 2024 at 12:15 pm
- The crypto market experienced an uptrend in the past week, with Bitcoin's [BTC] price returning to the $60,000 level. This bullish momentum has led to significant surges in several altcoins, particularly in the artificial intelligence (AI) token sector.
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- Shiba Inu (SHIB) May Be Gearing Up for a Significant Price Surge This October, With Historical Data Indicating a Potential 283% Increase
- Sep 25, 2024 at 12:15 pm
- Investors are watching closely as the meme-based cryptocurrency enters what could be another fruitful 'Uptober.'
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- GoodEgg (GEGG) Presale: A Success Story in the Making
- Sep 25, 2024 at 12:05 pm
- GoodEgg (GEGG) has managed to capture investor interest with its promise of merging social interactions with blockchain technology.
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- CET: The Native Token of the CoinEx Cryptocurrency Exchange
- Sep 25, 2024 at 10:30 am
- CET is the native token of one of the leading cryptocurrency exchanges, CoinEx. It is an ERC-20 token based on the Ethereum network that was launched in 2018.
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- Dogecoin ($DOGE) Primed to Hit $1 By December This Year, Market Analyst Master Kenobi Predicts
- Sep 25, 2024 at 10:25 am
- The early aftermath of the current Federal Reserve (Fed) interest rate cuts has been constructive for the final crypto business as main property like Dogecoin have been displaying optimistic sentiment.
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- IMX Token Price Prediction: Can It Break the $2 Resistance Level and Rally Higher?
- Sep 25, 2024 at 10:25 am
- Over the past 24 hours, IMX has jumped an impressive 12.14%, reaching a price of $1.81. This upswing has stirred speculation about whether the token can break through a key resistance level of $2.