Litecoin (LTC) Dethrones Shiba Inu (SHIB) To Rank 14 by Market Cap

As per the data from CoinMarketCap, Litecoin (LTC) has now surpassed Shiba Inu (SHIB) in terms of global market capitalization. LTC is currently ranked fourteenth as per the data. The current market cap of LTC stands at $4.66 billion.

SHIB is trailing in market cap with a difference of $60 million. Its market cap currently stands at $4.60 billion. SHIB is trading at $0.000008393, with a 2.2% loss in value over the last 24 hours. LTC, however, is trading 2.9% higher in the last 24 hours and is valued at $64.90 at press time.

Litecoin surpassed SHIB in terms of market cap on November 22, 2022. LTC’s official Twitter handle even tweeted to denote the milestone with a popular meme. The underperformance of SHIB in terms of price is one of the key factors in the rise of LTC.

LTC was also ranked as the second-most active cryptocurrency. The analysis was conducted by Messari. They ranked the cryptocurrencies by their estimated on-chain transaction volume in the last 24 hours.

Litecoin also enjoyed a 42% hike in trading volume in the last 24 hours. It currently stands at $531,892,461. Even though SHIB is not doing well in terms of price, its trading volume is up by 48.8% in the last 24 hours. It currently stands at $206,828,071.

The entire cryptocurrency market has been in a prolonged bear market. Every time the market tries to make a comeback, another event pushes it back. Most of the top coins are 70–90% down from their all-time highs.