Shiba Inu (SHIB), a well-known player in the world of meme coins, finds itself in a precarious position today.
SHIB briefly slipped below Chainlink (LINK) in terms of market capitalization, as reported by data from CoinMarketCap.
Although SHIB managed to reclaim its spot above LINK for now, the gap between the two remains narrow. This situation has placed the second-largest meme coin on the verge of dropping out of the top 20 cryptocurrencies.
To put things in perspective, Dogecoin, the largest meme coin, still holds a strong position in the market, ranking ninth with a market capitalization of $8.5 billion.
SHIB, with a current market cap of $4.268 billion, is only slightly ahead of Chainlink, which has a market cap of $4.252 billion.
This closeness in the market cap creates a competitive environment, and SHIB’s spot in the top 20 is far from guaranteed.
In 2021, Shiba Inu experienced a remarkable surge, even temporarily surpassing Dogecoin in terms of market cap and climbing into the top 10 cryptocurrencies. However, since reaching its peak, SHIB seems to have lost some of its shine.
Despite the anticipation and excitement surrounding the launch of Shibarium’s mainnet, Shiba Inu is struggling to maintain its momentum.
The number of transactions on the Shibarium network dropped significantly, with only 15,000 transactions recorded on September 27, compared to over 200,000 transactions on September 11.
This decline suggests that the initial enthusiasm for new developments in SHIB’s ecosystem may not have translated into sustained interest or value retention.