According to market capitalization data from the website CoinGabbar, popular cryptocurrency Shiba Inu (SHIB) has surpassed TRX, another well-known coin from the business TRON. Shiba Inu added an additional $2 billion to its capitalization thanks to SHIB, commonly referred to as a memecoin, which shown a stunning seven-day gain in quotations by more than 40%. As a result, SHIB is currently capitalised at $6.4 billion and is ranked 13th on CoinGabbar.
Naturally, SHIB's growth rate of more than 40% in just seven days can be viewed as a success, but it is important to keep in mind that Tron's TRX may not experience the same growth and may lose its position at the top due to recent developments involving the algorithmic stablecoin USDD, issued by Tron DAO. Remember how, in mid-June, the USDD lost its peg to the dollar due to circumstances that resembled the Terra collapse? However, Justin Sun, the CEO of Tron DAO, was able to delay the de-peg and immediately put a plan in place to save the entire Tron ecosystem. A memecoin is not SHIB!
When someone refers to SHIB as a memecoin, this is what one typically hears from Shiba Inu supporters and owners, or as they refer to themselves, the Shib army. In reality, given SHIB's recent growth in popularity as a form of payment, they might not have much cause to be offended. In fact, the coin is now accepted for a variety of purchases, including luxury watch brands, flights to Europe, and groceries at the largest Latino grocery chain.
Shiba Inu also aims to expand its position in the decentralised banking sector at a time when Shibarium, a potential Layer 2 solution, is already making waves online. Shibarium should allow transactions and other operations without leaving the Shiba Inu framework, as per the developers' vision and the aspirations of the community. It should also further broaden the use of not only SHIB but also BONE, another ecosystem token.
