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The price of Shiba Inu is in consolidation as bulls fight to keep the coin from dropping, sliding off the top 20 assets ranked by market cap. In reality, the meme coin is fighting to reclaim its lost ranking from Sui Network, with market capitalization for both assets almost closely matched.
SUI and Shiba Inu rivalry
At press time, the price of Shiba Inu was changing hands for $0.00001202, up by 0.84% in 24 hours, per CoinMarketCap data. The price mark pegs the token’s market capitalization at $7.04 billion.
Gamza KhanzadaevIn contrast, the SUI network's spot price is $2,174, up 1.54% in the past 24 hours. At this level, the altcoin’s market valuation is $7.06 billion. This leaves only a difference of $200 million between both assets.
Should the price of Shiba Inu's ongoing recovery pick up its pace, it might topple SUI in the rankings in the coming days. Most altcoins see a positional change as investor sentiment shifts regularly.
However, the top meme coin has a history of flipping top assets like Toncoin (TON) as members of its community often strive to push it to new heights.
Shiba Inu ecosystem watch
Several updates in the Shiba Inu ecosystem await full implementation as users gear up to boost the asset’s capitalization. As reported earlier by U.Today, the declaration of Shiba Inu's Golden Age is based on the potential emergence of new dApps and use cases that serve consumers.
Tomiwabold OlajideThe current crop of applications on Shibarium helped the protocol secure the one billion transaction milestone earlier in March. If the adoption trend continues, the top meme coin may do more than just topple the SUI protocol; proponents believe it could also flip Dogecoin (DOGE) long term.
While the broader market outlook remains poor at the moment, there is a high level of confidence in the SHIB product's market push, one that may impact its valuation in the long term.
Vladislav Sopov
Dan Burgin