U.Today - Shiba Inu (SHIB) behind Toncoin (TON) in market capitalization.
According to latest data from CoinGecko, Toncoin now boasts a market cap of $5.036 billion, marginally edging out SHIB's $5.035 billion.
This development places precariously close to exiting the top 20 cryptocurrencies, currently just above Bitcoin Cash with its $4.48 billion market cap.
Declining Shibarium transactions affecting SHIB?
A possible factor in SHIB's recent slip is the diminishing transaction volume on Shibarium, its Layer-2 solution. have hit an all-time low, with just 8,766 transactions recorded on Nov. 18, falling below 10,000 earlier in the month. This is a stark contrast to the peak observed on Sept. 11, when Shibarium transactions exceeded 202,000 in a single day.Despite the recent announcement that the Manny Pacquiao Foundation would use Shibarium for its operations, this has not translated into a resurgence in SHIB's market performance.
Dogecoin's rally overshadowing SHIB
In contrast to SHIB's downturn, Dogecoin has been a slight uptick, registering a 1.3% increase over the past week.This rise is partly attributed to the excitement surrounding the planned launch of a physical Dogecoin token to the moon in December by space payload transporter .
This event has garnered significant attention in the media, further overshadowing SHIB's presence in the market and attracting risk-on buyers.