SHIB Reclaims Top Spot from ICP: What’s the Ceiling?

Shiba Inu Shib

Shiba Inu has climbed back to its previous ranking, surpassing Internet Computer as the latter experiences a notable decline.

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Shiba Inu (SHIB) is working hard to recover and has made progress by climbing higher in the market capitalization ranking. Currently priced at $0.000009576, it has experienced a 2.24% decline in the last 24 hours.

Shiba Inu (SHIB) vs. Internet Computer (ICP) – Battle for Market Capitalization

In a recent turn of events, the crypto market, including Shiba Inu, faced a setback this week, leading to Internet Computer (ICP) surpassing the meme coin in market capitalization, claiming the 16th spot. While Shiba Inu grapples with challenges, ICP has seen a decline in the gains that initially allowed it to outpace SHIB.

As per CoinMarketCap data, Shiba Inu’s market capitalization stands at $5,633,206,547, while Internet Computer’s is slightly lower at $5,506,809,515. Notably, ICP has experienced a steeper drop of 10% in the past 24 hours, compared to SHIB’s 2% decline.

The competition for dominance between Shiba Inu and Internet Computer hinges on the strength of their respective bulls, with the broader market conditions currently leveling the playing field for all cryptocurrencies.

Shiba Inu’s Potential for Bullish Reversal: Catalysts in Play

Amidst a broader market downturn affecting many altcoins, Shiba Inu is undergoing a significant drawdown, setting the stage for what could be a crucial liftoff for the coin. Analysis of market dynamics indicates that Shiba Inu is positioned for a bullish reversal once the current bearish sell-offs conclude.

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Anticipated with this bullish uptick is Shiba Inu reclaiming lost valuation, with a visible projection pointing towards a retest of the $0.00001 price mark. This level has been a familiar point for the meme coin in recent months.

Shiba Inu possesses catalysts that could propel it towards this goal, with the burn rate and whale action serving as complementary triggers. As market conditions evolve, Shiba Inu’s potential for a bullish resurgence remains a focal point for investors and enthusiasts alike.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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