Tron (TRX) has surpassed Shiba Inu (SHIB) in market capitalization in a notable shift within the cryptocurrency market rankings.
Shiba Inu has maintained a strong presence on the market, with its vibrant community known as the “Shibarmy.” However, its market cap of $9.899 billion, while impressive, now places it just behind Tron.
Tron now holds the position as the 11th largest cryptocurrency with a market cap of $10.42 billion. Meanwhile, Shiba Inu now sits in 12th place, with a market cap of $9.899 billion.
The market shift comes amid a broader drop on the cryptocurrency market partly caused by monetary policy uncertainties, including concerns about the Federal Reserve’s ability to cut interest rates fast from a two-decade high.
Shiba Inu fell as much as 9%, trading at $0.00001668 at press time. Shiba Inu prices have likewise dropped by 16.13% in the last week and 29% over the previous 30 days. Conversely, Tron fell 0.49% in the last 24 hours to $0.1194 and is still up 2% weekly.
Tron, a blockchain for creating decentralized applications, has been gaining momentum of late. In the most recent milestone, TRON’s total accounts have reached 239,304,736, exceeding 239 million. TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
Shiba Inu’s ecosystem has also been growing, with projects such as Shibarium gaining traction.
Shibarium, the layer-2 scaling solution for Shiba Inu, has recently seen a considerable spike in activity, as evidenced by a dramatic increase in transaction fees and a big increase in new transactions.
Shibarium transaction fees increased by a whopping 388%, from 16.22 BONE on June 17 to 78.18 BONE on June 23, according to statistics from blockchain explorer Shibarium Scan. This increase in transaction fees implies higher network transaction demand, indicating more user activity and engagement with Shiba Inu-related applications and services.
