Shiba Inu (SHIB) has outpaced Avalanche (AVAX) in market cap after an astonishing comeback, solidifying its position as a leading meme cryptocurrency.

SHIB Surpasses AVAX

Shiba Inu, more often known as a meme cryptocurrency, has successfully staged an astonishing comeback.

Market capitalization-wise, the meme cryptocurrency is now higher than Avalanche. The market values of the two digital currencies are $8.05B and $7.91B, correspondingly.

As the cryptocurrency market crashed earlier today, the price of the meme coin almost went up by another zero.

Earlier today, Shiba Inu hit an intraday low of $0.00001089, according to data from CoinGecko. But it recovered most of its losses and was trading at $0.00001325 earlier today.

Top-Performing Meme Currency

With a mere 3% decline in value over the last day, SHIB is presently the top-performing meme currency. In contrast, Dogecoin (DOGE) has seen a decline of about 10%. At the same time, Dogwifhat (WIF) and Pepe (PEPE) have shed 14% and 15% of their value, respectively.

Per U.Today, Japanese stocks had their worst day since the late 80s earlier today, as global markets took a major fall earlier. The tech-heavy Nasdaq index lost over 6% as US stocks fell precipitously.

Weak tech profits and concerning economic indicators have taken a heavy toll on the market. Now that a recession in the United States is a real possibility, traders are trying to make sense of it.

There have been demands for an emergency rate drop in response to the market meltdown in the hopes of reviving investor confidence. Users of Polymarket now think this is a real possibility. The likelihood of a rate drop of 50 basis points has increased threefold in the last three days.

Impact of Looser Monetary Policy

A looser monetary policy is thought to be good for risky assets like cryptocurrency.