Shiba Inu (SHIB) is still struggling to keep its head above the waters but has shown an impressive improvement in recent times by moving a leg up in market capitalization ranking. At the time of writing, Shiba Inu is trading for $0.000009576, down by 2.24% in the past 24 hours.
As the crypto market and Shiba Inu in particular took a hit earlier this week, Internet Computer (ICP) displaced the meme coin as the 16th most capitalized digital currency. While Shiba Inu is still battling its internal bears, ICP has shed off more of the gains it accumulated that made it outpace SHIB in the first place.
According to data from CoinMarketCap, Shiba Inu’s market capitalization is pegged at $5,633,206,547, while that of Internet Computer comes in at $5,506,809,515 as it has recorded a steeper drop of 10% compared to SHIB’s 2% in the past 24 hours.
The fight for supremacy between Shiba Inu and Internet Computer solely lies in the power of their respective bulls as general market conditions have notably leveled the playing field for all cryptocurrencies at the moment.
Shiba Inu (SHIB) price: How high can it go?
Shiba Inu, like many altcoins in the market at the moment, is experiencing a strong drawdown that might ultimately serve as a pivotal liftoff for the coin. Based on market dynamics, Shiba Inu is poised to experience a bullish reversal at some point after the ongoing bearish sell-offs have run their course.
When this bullish uptick comes, Shiba Inu is bound to reclaim lost valuation, and the visible projection is for the meme coin to retest the $0.00001 price mark that it has done several times in the past few months.
Shiba Inu has the catalysts to actualize this goal, with the burn rate and whale action currently acting as complementary triggers.