Shiba Inu (SHIB) has encountered its first major hurdle in 2024, as it slipped to the 17th spot on the list of largest cryptocurrencies, losing its previous 16th position to the surging Internet Computer token (ICP). This turn of events has surprised SHIB enthusiasts and sparked intrigue in the crypto community.
ICP’s remarkable performance over the past four weeks has been a key factor in this shift. Despite being considered a lesser-known token by some, ICP has defied expectations with a growth rate of over 185%. This surge has propelled ICP’s capitalization to an impressive $6.1 billion, surpassing SHIB’s previous standing.
While ICP has soared to new heights, SHIB has remained relatively stagnant. Its weekly performance has shown minimal variation, with only a 3.5% difference between the opening and closing prices.
The burning question now is whether SHIB can stage a comeback and reclaim its former glory in the near future. However, this clash between SHIB and ICP goes beyond their individual standings. It signifies the resurgence of old narratives in the world of digital currencies and sets the stage for an intriguing chapter in the crypto saga of 2024.
As SHIB holders navigate this first big drama of the year, they should remain vigilant and closely monitor developments in the crypto market. The battle between SHIB and ICP serves as a reminder that the landscape can swiftly change, and new contenders can emerge unexpectedly.