As an experienced cryptocurrency market analyst, I’ve been closely monitoring the shifts within the top 12 cryptocurrencies by market capitalization. Recently, a significant change has occurred – Tron (TRX) surpassed Shiba Inu (SHIB), moving up to the 11th position with a market cap of $10.42 billion, while Shiba Inu dropped to 12th place with a market cap of $9.899 billion.
As a crypto investor, I’ve noticed an intriguing development in the market rankings: Tron (TRX) has recently overtaken Shiba Inu (SHIB) in terms of market capitalization. This shift signifies a significant change in the cryptocurrency landscape.
Shiba Inu continues to hold a significant position in the crypto market, boosted by its dedicated fanbase, referred to as the “Shibarmy.” Nonetheless, despite having a market capitalization of $9.899 billion, this ranks Shiba Inu slightly below Tron.
As a crypto investor, I can tell you that Tron currently ranks as the eleventh largest cryptocurrency with a market capitalization of approximately $10.42 billion. On the other hand, Shiba Inu holds the twelfth spot in the crypto market, boasting a market cap of around $9.899 billion.
As a researcher studying the cryptocurrency market, I’ve observed a significant shift in trends recently, which coincides with a broader downturn in the market. This decline can be attributed in part to monetary policy uncertainties that have emerged. Specifically, there are concerns about the Federal Reserve’s capacity to lower interest rates swiftly from their current historically high levels.
As an analyst, I’ve observed that Shiba Inu experienced a significant decline of approximately 9%, with its price settling at $0.00001668 at the moment of press. Over the past week, Shiba Inu prices have plummeted by a considerable 16.13%. Furthermore, over the last 30 days, there has been a staggering drop of nearly 29%. However, it’s important to note that Tron underwent a slight decrease of 0.49% in the recent 24 hours, but it continues to show an uptick of around 2% over the past week.
As a crypto investor, I’m excited to see Tron, the blockchain platform designed for building decentralized applications, picking up steam lately. Just recently, we hit a significant milestone with the total number of TRON accounts surpassing 239 million. The TRON ecosystem is growing rapidly and is dedicated to making the web more decentralized.
Shiba Inu’s ecosystem has also been growing, with projects such as Shibarium gaining traction.
As a analyst, I’ve noticed an intriguing surge in activity on Shibarium, the layer-2 scaling solution for Shiba Inu. This trend is clearly reflected in the substantial rise in transaction fees and a significant uptick in the number of new transactions taking place.
The fees for transactions on the Shibarium network saw a massive jump of 388% between June 17 and June 23, rising from 16.22 BONE to 78.18 BONE. Data from Shibarium Scan, a blockchain explorer, confirms this trend. This significant surge in transaction fees suggests that there has been a substantial increase in demand for network transactions. In turn, this implies higher levels of user activity and interaction with Shiba Inu-associated applications and services.
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2024-06-24 18:03