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

Cover image via U.Today

Meme cryptocurrency Shiba Inu has staged an impressive comeback, surpassing Avalanche by market capitalization. Shiba Inu is now worth $8.05 billion, while Avalanche stands at $7.91 billion.

Despite a devastating cryptocurrency market crash earlier today, Shiba Inu has managed to pare most of its losses, currently trading at $0.00001325. In contrast, Dogecoin (DOGE) has dropped nearly 10%, while Pepe (PEPE) and Dogwifhat (WIF) have fallen 15% and 14%, respectively.

As global markets experience turmoil, with Japanese stocks witnessing their worst day since the late 1980s and US stocks nosediving, traders are grappling with the possibility of a US recession.

Amidst this market uncertainty, Polymarket users believe an emergency rate cut is likely, with the odds of a 50 basis-point cut tripling in recent days. Such a move could inject optimism into the market and potentially benefit risk assets like cryptocurrencies.