Looking at Shiba Inu’s (SHIB) data on Coinmarketcap, the popular cryptocurrency token which is traditionally referred to as a meme coin is seen to have overtaken the other popular coin, Tron (TRX).
Shiba Inu (SHIB) Surges 47% And Overtakes Tron (TRX)
Amid this bearish market, the cryptocurrency SHIB, traditionally referred to as a meme coin, surged around 47% in just seven days, putting Tron (TRX) below it, with an additional $2 billion added to its capitalization, according to Coinmarketcap’s data.
SHIB’s current capitalization of about $6.4 billion now ranks 13th in CoinMarketCap’s top. This token has seemed to resist this bear market for the past seven days, as it as showed an impressive seven-day increase in quotations by more than 41%. This surge in price might actually not be surprising for some traders as the development of the Layer 2 solution Shibarium which has already been announced and made known across the web, might actually play it’s role in a part of SHIB surge..
The fact that SHIB overtook Tron (TRX), another coin that has also been trying to defy this bear market, could of course be considered a win for investors and traders of this token, SHIB. However, one thing that is worth noting is that Tron (TRX) might actually not be backing up for long, as the coin itself doesn’t seem to want to give up its space completely.
Additionally, due to some recent happenings around Tron (TRX), this overtaken by SHIB might be considered to just let it slide. Because the coin’s ecosystem has faced a little downfall which can’t be overlooked, for instance, the recent relating event of the algorithmic stablecoin USDD, issued by Tron DAO.
Rewinding a little bit, in events seemingly similar to the Terra (another algorithmic stablecoin) collapse, we see USDD lost its peg to the dollar in mid-June, this month. But even with this, Tron DAO and the team behind it, including the head, Justin Sun, managed to somehow have their way to stall the de-peg and quickly came up with a kind of recovery plan, to save the entire Tron ecosystem.
So it’s still worth it if we consider this incident that happened, and just assume maybe that’s what got Tron (TRX) looking like it just fell off. But with the team still trying to fix this incident, just as its stated above, Tron (TRX) might actually not be overtaken for too long by SHIB.
Is SHIB Still A Memecoin?
Snap! Holders or diehard fans or as they call themselves “Shib Army ” of this token would always love to answer a question like this and explain with any means to prove to you that SHIB actually isn’t a memecoin. However, speaking from an observing perspective and not from a holder or fan perspective, SHIB might have been brought up as a memecoin or popularly known as a memecoin, but this token is starting to have a proven track record that denies the feature of a meme coin.
Lately, SHIB has been seen to be gaining a lot, if not abundant utility as a payment method. This token can actually now be used to pay for literally everything these days in some parts of the world, with the token now accepted as a payment method in some stores, such as at the largest Latino grocery chain, this token can now be used to purchase groceries, and at some luxury brands, it can be used to purchase watches. This token can also be used to purchase tickets at airfare in Europe.
All of these real-world utilities this token has, don’t seem to portray it as a memecoin anymore. Additionally, this token is soon to strengthen its potential in the DeFi (decentralized finance) world, with its Layer 2 solution Shibarium in the process of development. According to the developers, Shibarium would not only further expand the use of SHIB, but will also further expand the utilization of BONE (another token in the Shiba Inu ecosystem), and allow free flow of transactions and other operations without having to leave the Shiba Inu framework.