In terms of market capitalization, Toncoin (TONNE) has surpassed Shiba Inu (SHIB).
Toncoin currently has a market worth of $5.036 billion, barely surpassing SHIB’s $5.035 billion, according to the most recent statistics from CoinGecko.
Due to this scenario, SHIB—which is now slightly above Bitcoin Cash with its $4.48 billion market cap—is in danger of falling out of the top 20 cryptocurrencies.
Declining Shibarium transactions affecting SHIB?
The current decline in SHIB’s value might be attributed to the declining amount of transactions on Shibarium, its Layer-2 solution. With just 8,766 transactions registered on November 18, shibarium transactions have reached an all-time low, below 10,000 earlier in the month. This stands in sharp contrast to the peak of almost 202,000 Shibarium transactions in a single day on September 11, which was recorded.
Shibarium will be used by the Manny Pacquiao Foundation for its activities, as was recently announced, although this hasn’t resulted in an improvement in SHIB’s market performance.
Dogecoin’s rally overshadowing SHIB
Dogecoin has been somewhat rising, showing a 1.3% rise over the last week, in contrast to SHIB’s decline.
The anticipation for the December lunar landing by space payload transporter Astrobotic, which is scheduled to occur, is partially responsible for this increase.
The media has given considerable coverage to this occurrence, which has further overshadowed SHIB’s position in the market and drawn in risk-taking purchasers.