As a seasoned researcher with a knack for deciphering market trends and a hearty appetite for crypto-memes, I must admit that watching Shiba Inu outperform Avalanche is as surprising as finding a Sushi Roll in a taco truck. The resilience of this meme coin has been nothing short of astonishing, especially considering the broader market’s downward spiral.
In a remarkable recovery, the meme-based cryptocurrency Shiba Inu has outperformed Avalanche in terms of market capitalization. Currently, Shiba Inu stands at approximately $8.05 billion, while Avalanche is slightly behind at around $7.91 billion.
Today, the cost of the meme-based cryptocurrency nearly doubled its price value in a dramatic crypto market downturn. As per CoinGecko’s report, Shiba Inu touched an all-time low of approximately $0.00001089 earlier today.
However, it has since managed to pare most of its losses, currently trading at $0.00001325.
As a researcher observing the meme coin market, I’ve noticed an interesting trend over the past 24 hours. Specifically, Shiba Inu (SHIB) has shown remarkable resilience, experiencing a minimal drop of just 3%. On the other hand, Dogecoin (DOGE) has seen a significant decrease of almost 10%. The performance of Pepe (PEPE) and Dogwifhat (WIF) is also noteworthy, with PEPE dropping by 15% and WIF by 14%. This suggests that SHIB might be outperforming its meme coin counterparts in this specific timeframe.
Today, as reported by U.Today, global financial markets experienced significant losses early on, with Japanese stocks suffering one of their most severe setbacks since the late 1980s.
US stocks also nosedived, with the tech-heavy Nasdaq index shedding more than 6%.
The market has been hit hard due to lackluster tech earnings as well as worrying economic data.
Traders are now grappling with the possibility that the US might now enter into a recession.
According to U.Today’s report, the recent market downturn has sparked demands for an immediate interest rate reduction aimed at boosting market confidence. Interestingly, users on Polymarket predict such a situation is becoming increasingly probable. The likelihood of a 0.5% rate cut has nearly tripled in the past few days.
Risk assets such as cryptocurrencies are expected to benefit from a looser monetary policy.
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2024-08-05 23:49