Shiba Inu (SHIB), a popular meme coin, faces uncertainty as it slipped below Chainlink (LINK) in market capitalization today, as reported by CoinMarketCap.
While Shiba Inu managed to move back above LINK today, the gap between them is still small, putting the second-largest meme coin on the brink of falling out of the top 20.
SHIB Teeters on the Edge: A Fragile State
Shiba Inu and Chainlink briefly switched places, with SHIB reclaiming the lead. However, the slim margin implies a likely chance of more changes in the future.
While Dogecoin holds a robust ninth place with a market cap of $8.5 billion, Shiba Inu’s $4.268 billion is in close competition with Chainlink’s $4.252 billion. This tight race suggests Shiba Inu’s top 20 status is not guaranteed, especially considering DAI in 20th place with a market cap of $3.8 billion.
Shiba Inu had a notable rise in 2021, reaching the top 10 and temporarily surpassing Dogecoin in market cap. However, its brilliance has waned since that peak.
Fading Enthusiasm for Shibarium
Despite the excitement for Shibarium’s mainnet launch, Shiba Inu is struggling to keep up. The number of Shibarium transactions dropped sharply to 15,000 on Sept. 27, a significant decrease from its peak of over 200,000 transactions on Sept. 11. This suggests that the initial excitement about new developments in SHIB’s ecosystem might not have led to long-term interest or value retention.