According to U.Today, Tron (TRX) has overtaken Shiba Inu (SHIB) in terms of market capitalization, marking a significant change in the cryptocurrency market rankings. Despite Shiba Inu's strong market presence and its vibrant community, known as the 'Shibarmy', its market cap of $9.899 billion now ranks it just behind Tron. Tron currently stands as the 11th largest cryptocurrency with a market cap of $10.42 billion, while Shiba Inu has slipped to the 12th position with a market cap of $9.899 billion.
This shift in the market has occurred amidst a broader drop in the cryptocurrency market, partly due to uncertainties in monetary policy. These include concerns about the Federal Reserve's ability to rapidly cut interest rates from a two-decade high. Shiba Inu's value fell by as much as 9%, trading at $0.00001668 at the time of reporting. Over the last week and the previous 30 days, Shiba Inu prices have dropped by 16.13% and 29% respectively. On the other hand, Tron experienced a minor drop of 0.49% in the last 24 hours to $0.1194 but is still up 2% weekly.
Tron, a blockchain platform for creating decentralized applications, has been gaining momentum recently. The total accounts on TRON have reached 239,304,736, exceeding 239 million, indicating the rapid development of the TRON ecosystem and its ongoing efforts to decentralize the web.
Shiba Inu's ecosystem has also been expanding, with projects like Shibarium gaining traction. Shibarium, the layer-2 scaling solution for Shiba Inu, has seen a significant spike in activity, as shown by a dramatic increase in transaction fees and a surge in new transactions. Shibarium transaction fees rose by a staggering 388%, from 16.22 BONE on June 17 to 78.18 BONE on June 23. This rise in transaction fees suggests a higher network transaction demand, indicating increased user activity and engagement with Shiba Inu-related applications and services.
