Shiba Inu (SHIB) has fallen 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 SHIB 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. Shibarium transactions 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 experiencing 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 Astrobotic.
This event has garnered significant attention in the media, further overshadowing SHIB’s presence in the market and attracting risk-on buyers.