In a surprising turn of events for Shiba Inu (SHIB) enthusiasts, the popular token has faced its first major challenge of 2024. On Jan. 1, SHIB dropped to the 17th spot on the list of the largest cryptocurrencies by market capitalization, losing its previous 16th position to the rapidly rising Internet Computer token (ICP).
The intriguing part of this story lies not only in SHIB’s decline, but also in ICP’s impressive performance over the past four weeks. Often considered a overlooked token by some, ICP has defied expectations, experiencing a remarkable growth rate of over 185%. This surge has propelled ICP’s market capitalization to an impressive $6.1 billion, effectively displacing SHIB from its former position.
While ICP has surged to new heights throughout December, SHIB appeared to remain stagnant. The weekly performance of the Shiba Inu token showed minimal movement, with a mere 3.5% difference between the closing and opening prices.
The burning question on the minds of crypto enthusiasts is whether SHIB can make a comeback and regain its former position in the near future. However, the intrigue goes beyond this, as the beginning of 2024 unveils a compelling face-off between two crypto market “stars” of 2021.
The clash between SHIB and ICP raises questions about the revival of old narratives in the world of digital currencies. This sudden battle marks the start of what could be an engaging chapter in the crypto saga of 2024. This historic interaction between these two coins will be closely followed by cryptocurrency and NFT enthusiasts.
