Shiba

Pepe

Shiba Inu

Avalanche

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Meme cryptocurrency Shiba Inu has <a href="https://x.com/kuro_9696_9696/status/1820496478969942064" rel="noopener noreferrer nofollow">managed</a> to stage an impressive comeback. The meme cryptocurrency has managed to surpass Avalanche by market capitalization. The two cryptocurrencies are worth $8.05 billion and $7.91 billion, respectively.&nbsp;
Earlier today, the price of the meme cryptocurrency came close to adding another zero to its price tag amid a devastating cryptocurrency market crash. According to&nbsp;<a href="https://www.coingecko.com/en/coins/shiba-inu" rel="noopener noreferrer nofollow">CoinGecko data</a>, Shiba Inu reached an intraday low of $0.00001089 earlier today.&nbsp;&nbsp;
However, it has since managed to pare most of its losses, currently trading at $0.00001325.
In fact, SHIB is currently the best-performing meme coin, dropping by only 3% over the past 24 hours. For comparison, Dogecoin (DOGE) is down nearly 10%. Meanwhile, Pepe (PEPE) and Dogwifhat (WIF) are down 15% and 14%, respectively.&nbsp;&nbsp;&nbsp;
As&nbsp;<a href="https://u.today/why-cryptos-down-today-reasons-shared-by-seasoned-expert" rel="noopener noreferrer nofollow">reported by U.Today</a>, global markets got hit hard earlier today, with Japanese stocks witnessing their worst day since the late 80s.&nbsp;
US stocks also nosedived, with the tech-heavy Nasdaq index shedding more than 6%.&nbsp;
The market has been hit hard due to lackluster tech earnings as well as worrying economic data.&nbsp;
Traders are now grappling with the possibility that the US might now enter into a recession.&nbsp;
As&nbsp;<a href="https://u.today/traders-betting-on-emergency-rate-cut-as-bitcoin-price-collapses-below-50k" rel="noopener noreferrer nofollow">reported by U.Today</a>, the market crash has prompted some calls for an emergency rate cut that would inject some optimism into the market. In fact, Polymarket users now believe that such a scenario is likely. The odds of a 50 basis-point rate cut have now tripled over the past few days.&nbsp;&nbsp;
Risk assets such as cryptocurrencies are expected to benefit from a looser monetary policy.&nbsp;

Shiba Inu (SHIB) Surpasses Avalanche (AVAX) After Stunning Comeback

U_Today

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