Tron (TRX) Overtakes Shiba Inu (SHIB) Amid Market Shift
Tron (TRX) has now surpassed Shiba Inu (SHIB) in market capitalization, causing a significant change in the rankings of the cryptocurrency market.
Shiba Inu has always had a strong presence in the market, with its vibrant community known as "Shibarmy." However, even with a market capitalization of $9.899 billion, it currently ranks behind Tron.
Tron currently ranks as the 11th largest cryptocurrency with a market capitalization of $10.42 billion. During the same period, Shiba Inu is now ranked 12th, with a market capitalization of $9.899 billion.
The market shift comes amid a broader selloff in cryptocurrency markets, due in part to uncertainty about monetary policy, including concerns about the Federal Reserve's ability to quickly cut interest rates from two-decade highs.
Shiba Inu was down 9% at one point, trading at $0.00001668 at press time. Shiba Inu prices have also fallen 16.13% over the past week and 29% over the past 30 days. Conversely, Tron has lost 0.49% in the past 24 hours to $0.1194, although it is still up 2% on a weekly basis.
Tron, a blockchain for creating decentralized applications, has been experiencing strong growth recently. In the latest milestone, TRON’s total account count has reached 239,304,736, surpassing 239 million. The TRON ecosystem is growing rapidly and continues to work toward decentralizing the network.
The Shiba Inu ecosystem is also constantly evolving, with projects such as Shibarium gaining attention.
Shiba Inu's second-tier scaling solution, Shibarium, has seen a significant spike in activity recently, as evidenced by a sharp increase in transaction fees and a significant increase in new transactions.
According to statistics from blockchain explorer Shibarium Scan, Shibarium transaction fees increased significantly by 388%, climbing from 16.22 BONE on June 17 to 78.18 BONE on June 23. The increase in transaction fees means an increase in demand for transactions on the network, indicating an increase in user activity and participation in Shiba Inu-related applications and services.
