Shiba Inu Flips Avalanche Market Cap As SHIB Recovery Continues

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Shiba Inu on a green background
Credit: Unsplash/Huper

As a slight recovery happens across the crypto market, Shiba Inu has come out of the crypto crash in a somewhat better position, flipping the market cap of other coins such as Avalanche and Lido’s Staked Ether.

While the crypto decline has been going on for some time, it accelerated on June 11. Here, the global crypto market cap declined by 5.9%. On this date, SHIB was ranked 17th by market cap, according to CoinGecko.

And now, the Shiba Inu price has made a slight recovery after SHIB added a zero last week. It now token sits in 15th place, above Avalanche and Lido.

Shiba Inu Flips Other Coins

With a market cap of $4.85 billion, SHIB has taken 15th place by market cap, displacing Avalanche and Lido Staked Ether to rise two places during the crash. These now have caps of $4.63 billion and $4.49 billion, respectively.

While crypto is not a zero-sum market in the traditional sense, with most cryptocurrencies remaining heavily correlated to Bitcoin, it does show that SHIB managed to weather some of the crash more than other tokens.

Aside from stablecoins, only a handful of altcoins in the top 20 reported a smaller loss than SHIB. These include Cardano, Solana, Polkadot and XRP. Meanwhile, Bitcoin, Ethereum, Dogecoin, BNB and Avalanche all suffered greater losses. SHIB is still down 21.3% in the last week.

The gap between SHIB and 14th place Tron is over $700 million. Tron made an impressive recovery itself after its price plummeted following talk of a USDD depeg.

While it moved up the crypto rankings by market cap, this is not the highest position SHIB has been in. After SHIB entered the crypto top 20 in October 2021, it reached 9th place as it hit its all-time high and overtook Dogecoin in late October.

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