Shiba Inu (SHIB) Overthrown by Polygon (MATIC) – Here’s What’s Going On

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The challenging conditions of the crypto winter have seen most of the top 20 cryptocurrencies by total market capitalization confronted by double-digit deficits so far this month. However, after a rough start, the crypto markets started to bounce back this week, with top cryptos Bitcoin (BTC) & Ethereum (ETH) both recording gains of aroun 3% in the last 7 days.

The standout Altcoin in this brief period has been Polygon (MATIC), which snatched the #12 spot in the crypto rankings by market cap from popular, Japanese dog-themed meme coin Shiba Inu (SHIB). The bloodthirsty bears have failed to best Polygon (MATIC), which is trading at $0.861530 at the time of writing, having recorded 24 hour gains of 4.4%, and 8% for the week.

$MATIC has officially ripped by $SHIB in market cap and into the 12th spot (including stables). No project has been stronger and moved up more in this bear market. They are on their way to the top 3. #crypto #btc #eth #polygon #zkEVM

— No Paper Hands (@nohalfsends9) October 17, 2022

Tough Competition for Shiba Inu (SHIB)

At the time of this publication, Polygon (MATIC) holds a total market capitalization of $6,492,479,032, according to CoinGecko. Shiba Inu’s (SHIB) total market cap, on the other hand, comes in at $6,129,457,518. Indeed, vacating the number 12 position is unlikely be the end of the meme coin’s struggles, as the Dai (DAI) stablecoin breached the $6 billion mark by market capitalization.

To top it off, 15th and 16th-placed Tron (TRX) & Lido Staked Ether (stETH) trail the popular dog themed coin by less than half a billion dollars. At press time, Shiba Inu (SHIB) is trading at $0.00001029, according to CoinGecko.

Despite losing the position, Shiba Inu (SHIB) has managed to hold out above a crucial resistance line, largely thanks to the Shiba Inu (SHIB) burning efforts from the SHIB Army, and the project’s partnership with Google (NASDAQ:GOOGL) Cloud. All told, the meme coin’s total market capitalization hasn’t dropped below the $6B mark since October 13th, 2022.

Thank you @Google for accepting #Shib as a method of payment. #SHIBARMY pic.twitter.com/KZjfl9TnBJ

— SHIBARIUM (@Cryptogether51) October 14, 2022

The SHIB army heavily expects ‘Shibarium’, the Layer-2 solution for Shiba Inu (SHIB), to arrive soon. For the two-year old meme coin, which is already trendy among social influencers, Shibarium might be the spark it needs for a much needed bull run.

Like if you HODL #SHIB

— YourPOP (@Yourpop8) October 17, 2022

On the Flipside

• Despite its rally, Polygon (MATIC) is still 41.1% down in yearly terms.
• Polygon (MATIC) is also 70.5% down from its all-time high of $2.92, set 10 months ago.
• The total Shiba Inu (SHIB) wallet count continues to grow, despite its shrunken market cap.

Why You Should Care

Both Shiba Inu (SHIB) & Polygon (MATIC) have received a substantial amount of public recognition, and could heavily contribute towards accelerating the adoption of crypto.

Keep up to date with the latest on Shiba Inu (SHIB):

Shiba Inu (SHIB) Becomes Top Traded Crypto in India – Here’s Why

Shiba Inu (SHIB) Clothing Brand Rocks Shanghai Fashion Week

See original on DailyCoin