Sui, a new entrant to the market, is doubling down on its attempt to surpass Shiba Inu in the crypto rankings as its market cap recently reached a new milestone.
What is noteworthy is that this is how Shiba Inu did it regained bullish momentum after a notable correction last week. The second-largest meme coin by market cap is up nearly 4% in the last 24 hours, reflecting an overall market rally.
Despite the recovery phase, SHIB has fallen three places in the market capitalization rankings over the past month. The uptrend in Avalanche, Chainlink and Toncoin has seen the high-profile meme coin move up to 14th place.
Meanwhile, the dog-themed meme coin could sink as a strong rival draws ever closer. SUI could be the next asset to displace Shiba Inu in the market capitalization rankings given its continued upward momentum.
Sui is nearing all-time highs
The Sui Network’s native token has continued to consolidate around its all-time high of $4.96, reached earlier this month. The continued momentum has seen the company reclaim its $13 billion market cap, reaching $13.9 billion yesterday.
Additionally, SUI is poised to surpass Shiba Inu’s market cap due to its continued uptrend. At press time, the network is valued at $13.42 billion, down less than $400 million compared to Shiba Inu’s $13.84 billion.
This means SUI needs to rise by less than 2% to $4.67 to surpass this value Market capitalization of Shiba Inu and rank 14. However, this will occur if the meme coin stays at the current valuation and does not rise with the market.
Will the TVL increase push Sui past Shiba Inu?
Meanwhile, bullish momentum in the SUI ecosystem continues to increase. The SUI token has risen a staggering 522% in the past…
