Shiba Inu (SHIB) Slips Below Toncoin (TON); Key Reasons Why


19 Nov 2023 9:37 AM

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.

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You May Ask

How does Toncoin's market capitalization compare to SHIB's?What is the current position of SHIB in the top cryptocurrency rankings?What is the reason behind SHIB's recent slip in the market?How has the transaction volume on Shibarium changed over time?What is contributing to Dogecoin's rise in value and attention in the media?

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