Shiba Inu (SHIB) Slips Below Toncoin (TON); Key Reasons Why
Shiba Inu (SHIB) has fallen below Toncoin (TON) in market capitalization, with key factors including declining transactions on its Shibarium network and Dogecoin's rising popularity...
- Shiba Inu (SHIB) has fallen behind Toncoin (TON) in market capitalization, with Toncoin now having a slightly higher market cap of $5.036 billion compared to SHIB's $5.035 billion.
- SHIB is at risk of dropping out of the top 20 cryptocurrencies, currently just above Bitcoin Cash.
- The declining transaction volume on Shibarium, SHIB's Layer-2 solution, may be a contributing factor to its recent slip. Shibarium transactions have hit an all-time low, with only 8,766 recorded on Nov. 18.
- Despite the announcement of the Manny Pacquiao Foundation using Shibarium, SHIB's market performance has not improved.
- In contrast, Dogecoin has experienced a slight increase in value, attributed in part to the excitement surrounding the planned launch of a physical Dogecoin token to the moon in December by Astrobotic.
- Dogecoin's rise has overshadowed SHIB's presence in the market and attracted risk-on buyers.
The article highlights the decline of SHIB's market capitalization and transaction volume, which suggests a negative sentiment towards SHIB. On the other hand, Dogecoin's slight uptick and the excitement surrounding its physical token launch indicate a more positive sentiment towards Dogecoin.