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Shiba Inu (SHIB) Loses Place in Ranking With Chainlink, Possible Reasons

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Thu, 5/10/2023 - 8:16
Shiba Inu (SHIB) Loses Place in Ranking With Chainlink, Possible Reasons
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The ongoing competition among altcoins is thickening, and popular meme coin Shiba Inu (SHIB) is bearing the brunt of it all. At the time of writing, SHIB has lost its place in the ranking and is closely behind LINK due to its lower market capitalization. Per CoinMarketCap's data, the token is trading at a price of $0.000007228 atop a market capitalization of $4,259,394,582.

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Shiba Inu is a very dynamic token that continues to intrigue top market observers. As a meme coin whose community is ubiquitous, SHIB has often showcased its readiness to retest new price levels even though the bearish resistance to this pursuit is notably profound at the moment.

Amid the ongoing consolidation, the focus for SHIB HODLers and proponents is not to draw out the competition being posed by Chainlink but rather to prevent it from falling off the top 20 list of highly capitalized altcoins. While SHIB has what it takes to truly maintain its place among the elite tokens, the rate of growth of its closest rivals is notably straining its efforts across the board.

Chainlink, with its novel Cross Chain Interoperability Protocol (CCIP), has been beating all bearish market odds to maintain a relatively promising outlook.

Growth triggers to watch out for in SHIB

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Shiba Inu has always maintained very robust and diverse growth fundamentals across the board. The meme coin has Shibarium, its Ethereum Layer-2 scaling solution through which it hopes to usher in lots of decentralized applications (dApps), whose adoption by the public can help drive the demand for SHIB in the near term.

Besides this key fundamental, SHIB is also a deflationary token that undergoes periodic burning of some of its circulating token supply. This metric, often construed as the burn rate, has positioned Shiba Inu as one of the altcoins with the fastest rate of decline, a trend that is adding to its potential growth in the near future.

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