JAKARTA - Shiba Inu (SHIB) managed to record an impressive comeback by surpassing Avalanche (AVAX) in terms of market capitalization. According to the latest data, SHIB is now worth around 8.05 billion US Dollars (around Rp130 trillion), ahead of AVAX which has a market capitalization of 7.91 billion US Dollars (around Rp127 trillion).
On Tuesday 6 August, the price of SHIB had fallen sharply to 0.00001089 US Dollars (approximately Rp0.18), almost adding one more zero to the price of this token amid falling crypto market conditions. However, SHIB managed to recover most of its losses and is currently trading at a price of 0.00001325 US Dollars (approximately Rp0.21).
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Reporting from U.Today, SHIB recorded its best performance among other meme coins, only down about 3% in the last 24 hours. In comparison, Dogecoin (DOGE) experienced a close decline of almost 10%, while Pepe (PEPE) and Dogwifhat (WIF) fell 15% and 14%, respectively.
The global market was hit hard today, with Japanese stocks recording its worst day since the late 1980s. In the United States, the technology-dominated Nasdaq stock index has also fallen more than 6%. This decline was triggered by reports of profits from technology companies that were disappointing and alarming economic data.
Traders are now facing the possibility of the United States entering a recession. This condition prompted calls for an emergency rate cut which is expected to bring optimism to the market. Polymarket prediction platform users have even seen opportunities for 50 basis points to cut interest rates have tripled in recent days.
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