Shiba Inu, a widely known meme cryptocurrency, has climbed to the 12th position in the CoinMarketCap (CMC) rankings, surpassing Avalanche in market capitalization.
Currently, Shiba Inu boasts a market value of $7.9 billion, edging out Avalanche’s $7.8 billion. Despite a significant dip in the cryptocurrency market earlier today, Shiba Inu hit a low of $0.00001089 before rebounding to its current price of $0.00001325.
Among meme coins, Shiba Inu has shown resilience, experiencing only a 3% decline over the past 24 hours.
Market Turmoil and Potential Impacts
Global markets faced considerable turbulence today, with Japanese stocks suffering their steepest decline since the late 1980s and the tech-heavy Nasdaq index dropping over 6%. This upheaval is attributed to disappointing tech earnings and worrying economic data, which have heightened fears of a potential US recession.
In response to these developments, there are increasing calls for an emergency rate cut to stabilize the markets. On Polymarket, users now see a higher likelihood of a 50 basis-point rate cut, with the odds having tripled in recent days. Risk assets, including cryptocurrencies, are expected to benefit from a more accommodative monetary policy.
As the market anticipates potential rate cuts, the outlook for cryptocurrencies like Shiba Inu could become more favorable, potentially supporting further gains.
