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Tron now holds the position as the 11th largest cryptocurrency with a market cap of $10.42 billion. Meanwhile, Shiba Inu now sits in 12th place, with a market cap of $9.899 billion.The market shift comes amid a broader drop on the cryptocurrency market partly caused by monetary policy uncertainties, including concerns about the Federal Reserve's ability to cut interest rates fast from a two-decade high.Shiba Inu fell as much as 9%, trading at $0.00001668 at press time.
Tron, a blockchain for creating decentralized applications, has been gaining momentum of late. In the most recent milestone, TRON’s total accounts have reached 239,304,736, exceeding 239 million. TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.Shibarium, the layer-2 scaling solution for Shiba Inu, has recently seen a considerable spike in activity, as evidenced by a dramatic increase in transaction fees and a big increase in new transactions.
Shibarium transaction fees increased by a whopping 388%, from 16.22 BONE on June 17 to 78.18 BONE on June 23, according to statistics from blockchain explorer Shibarium Scan. This increase in transaction fees implies higher network transaction demand, indicating more user activity and engagement with Shiba Inu-related applications and services.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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