Tron (TRX) has surpassed Shiba Inu (SHIB) in market capitalization in a notable change in the cryptocurrency market ranking.
Tron (TRX) has surpassed Shiba Inu (SHIB) in market capitalization in a notable change in the cryptocurrency market ranking.
Shiba Inu has maintained a strong presence in the market, with its vibrant community known as “Shibarmy.” However, its market capitalization of $9.899 billion, while impressive, now places it just behind Tron.
Tron now occupies the position as the 11th largest cryptocurrency with a market capitalization of $10.42 billion. Meanwhile, Shiba Inu is now ranked 12th, with a market capitalization of $9.899 billion.
Tomiwabold OlajideThe market shift comes amid a broader decline in the cryptocurrency market caused in part by monetary policy uncertainties, including concerns about the Federal Reserve’s ability to quickly cut interest rates from a high. of two decades.
Shiba Inu fell as much as 9%, trading at $0.00001668 at the time of publication. Shiba Inu prices have also fallen 16.13% in the last week and 29% in the previous 30 days. In contrast, Tron fell 0.49% in the last 24 hours to $0.1194 and is still up 2% weekly.
Tron, a blockchain for creating decentralized applications, has been gaining momentum lately. In the most recent milestone, TRON’s total accounts reached 239,304,736, surpassing 239 million. The TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
Tomiwabold OlajideThe Shiba Inu ecosystem has also been growing, with projects like Shibarium gaining traction.
Shibarium, the Layer 2 scaling solution for Shiba Inu, has recently seen a considerable increase in activity, as evidenced by a dramatic increase in transaction fees and a large increase in new transactions.
Shibarium transaction fees increased by a whopping 388%, from 16.22 BONE on June 17 to 78.18 BONE on June 23, according to statistics from blockchain explorer Shibarium Scan. This increase in transaction fees implies increased demand for transactions on the network, indicating increased user activity and engagement with Shiba Inu-related applications and services.
