12 April, 2024

Shiba Inu Faces Precarious Position in Meme Coin Hierarchy

28 Sep, 2023

01 Dec, 2023

  • Shiba Inu slipped below Chainlink (LINK) in market capitalization, signaling a precarious position for the once-mighty player in the meme coin arena.
  • SHIB managed to reclaim its position above LINK, the slender margin between them suggests a looming threat of further displacement.
  • Despite its meteoric rise in 2021, even surpassing Dogecoin in market cap, Shiba Inu needs help to maintain momentum.

In a recent market shakeup, Shiba Inu (SHIB), a prominent player in meme coins, is teetering on the edge. According to CoinMarketCap data, it slipped below Chainlink (LINK) in market capitalization earlier today.

According to a recent report, SHIB regained its footing above LINK, the gap between the two remains razor-thin, and the once-mighty meme coin now stands at the brink of falling out of the coveted top 20 ranks. A brief exchange of positions took place between Shiba Inu and Chainlink, with SHIB eventually inching ahead. However, the slender margin suggests a looming possibility of further displacement.

In stark contrast, Dogecoin, the undisputed meme coin leader, maintains its robust stance in ninth place, boasting a formidable market cap of $8.616 billion. Shiba Inu’s current market cap, standing at $4.287 billion, closely trails Chainlink’s $4.342 billion, creating an intense competitive bottleneck. DAI, holding the 20th position, wields a market cap of $3.790 billion, underscoring that SHIB’s position in the top 20 needs to be more secure.

Source: Coingecko.com

While Shiba Inu experienced a meteoric rise in 2021, briefly soaring into the top 10 and surpassing Dogecoin in market cap, its shine has considerably dimmed since its zenith.

Even with the much-anticipated launch of Shibarum’s mainnet, Shiba Inu grapples with maintaining momentum. 

The number of Shibarium transactions plummeted to a mere 15K on Sept. 27, a stark drop from its peak of over 200K transactions on Sept. 11. This decline signals that the initial enthusiasm surrounding SHIB’s ecosystem developments may not have translated into enduring interest or sustained value.

The Shiba Inu community now watches with bated breath as the meme coin navigates this precarious juncture, with its position in the top 20 hanging in the balance. The coming days would reveal whether SHIB can regain its former glory or if it would continue its descent in the highly competitive world of meme coins.



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