Shiba Inu (SHIB) has fallen behind Toncoin (TON) in market capitalization.
According to the latest data from CoinGecko, Toncoin now has a market capitalization of $5.036 billion, marginally surpassing SHIB’s $5.035 billion.
This development puts SHIB precariously close to exiting the top 20 cryptocurrencies, currently just above Bitcoin Cash with its $4.48 billion market capitalization.
Does the decline in Shibarium transactions affect SHIB?
One possible factor in SHIB’s recent slide is the decline in transaction volume on Shibarium, its Layer-2 solution. Shibarium transactions have hit an all-time low, with only 8,766 transactions recorded on November 18, falling below 10,000 at the beginning of the month. This is in stark contrast to the peak seen on September 11, when Shibarium transactions surpassed 202,000 in a single day.
Despite the recent announcement that the Manny Pacquiao Foundation would use Shibarium for its operations, this has not translated into a resurgence of SHIB’s performance in the market.
Dogecoin Rally Outshines SHIB
In contrast to SHIB’s slowdown, Dogecoin has seen a slight rebound, recording a 1.3% increase over the past week.
This surge is partly attributed to the excitement surrounding the planned launch of a physical Dogecoin token to the moon in December by space cargo transporter Astrobotic.
This event has attracted significant media attention, further overshadowing SHIB’s presence in the market and attracting venture buyers.
