New Delhi: Major cryptocurrencies fell on Thursday, with the exception of SHIBA INU, the new top meme token, which is now the seventh-largest cryptocurrency by market cap.
Seven of the top ten cryptocurrencies were trading lower at 9.30 IST, with the exception of SHIBA INU and dollar-pegged stable coins. Solana, XRP, Cardano, and Polkadot all fell by 8-10 percent, while Shiba Inu soared by 74 percent.
In comparison to the previous day, the global crypto market cap fell 4 percent, falling below USD 2.50 trillion. The total crypto market volume, on the other hand, increased by about 65 percent to USD187.64 billion.
In the last week, the world's largest cryptocurrency has lost more than 10 percent of its value. According to the CoinDCX Research Team, this has prompted other altcoins to follow suit and take a similar dive. "Regulators in the United States are continuing to look into integrating digital assets into traditional finance. The crypto industry's interest and demand will only grow as a result of positive institutional support and developments "It was also added.
For crypto enthusiasts, the latest run in Shiba Inu is even more perplexing, as Tesla CEO Elon Musk has snubbed the meme token. According to the mercurial technocrat, he does not own any Shiba Inu tokens.