Meme cryptocurrency Shiba Inu has managed to stage an impressive comeback. The meme cryptocurrency has managed to surpass Avalanche by market capitalization. The two cryptocurrencies are worth $8.05 billion and $7.91 billion, respectively.

Earlier today, the price of the meme cryptocurrency came close to adding another zero to its price tag amid a devastating cryptocurrency market crash. According to CoinGecko data, Shiba Inu reached an intraday low of $0.00001089 earlier today.

However, it has since managed to pare most of its losses, currently trading at $0.00001325.

In fact, SHIB is currently the best-performing meme coin, dropping by only 3% over the past 24 hours. For comparison, Dogecoin (DOGE) is down nearly 10%. Meanwhile, Pepe (PEPE) and Dogwifhat (WIF) are down 15% and 14%, respectively.

As reported by U.Today, global markets got hit hard earlier today, with Japanese stocks witnessing their worst day since the late 80s.

US stocks also nosedived, with the tech-heavy Nasdaq index shedding more than 6%.

The market has been hit hard due to lackluster tech earnings as well as worrying economic data.

Traders are now grappling with the possibility that the US might now enter into a recession.

As reported by U.Today, the market crash has prompted some calls for an emergency rate cut that would inject some optimism into the market. In fact, Polymarket users now believe that such a scenario is likely. The odds of a 50 basis-point rate cut have now tripled over the past few days.

Risk assets such as cryptocurrencies are expected to benefit from a looser monetary policy.