Shiba Inu (SHIB) Surpasses Avalanche (AVAX) in Market Cap After an Astonishing Comeback

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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