Sui, a new market entrant, is doubling down on its efforts to overtake Shiba Inu in the cryptocurrency rankings as its market capitalization recently reached another milestone.
Notably, this comes as Shiba Inu has found bullish momentum after a notable correction last week. The second-largest coin by market capitalization jumped nearly 4% in the past 24 hours, reflecting a broader market rebound.
Despite the recovery phase, SHIB has lost three places in the market capitalization rankings over the past month. The bullish traction on Avalanche, Chainlink, and Toncoin allowed the high-caliber meme coin to move up to 14th place.
Meanwhile, the dog-themed meme coin could decline as a powerful rival draws ever closer. SUI could be the next asset to topple Shiba Inu in the market cap rankings amid sustained bullish momentum.
Sui nears record high
The Sui network’s native token continued to consolidate around its all-time high of $4.96, reached earlier this month. This sustained momentum allowed it to reclaim the market capitalization of $13 billion, reaching $13.9 billion yesterday.
Additionally, SUI’s continued upward push has placed it in contention to topple Shiba Inu’s market cap. As of press time, the network’s valuation stands at $13.42 billion, down $400 million from Shiba Inu’s $13.84 billion.
This means that SUI needs to rise less than 2% to $4.67 to surpass Shiba Inu market capitalization and ranks 14th. However, this will materialize if the meme coin remains at the current valuation and does not increase alongside the market.
Will TVL Surge push Sui beyond Shiba Inu?
Meanwhile, bullish momentum continues to grow in the SUI ecosystem. The SUI token has seen a staggering 522% rise over the past year, with a 32% rise since its solid move from under $3.5 to the current market price.
Additionally, the total value locked (TVL) on the Sui Network has increased with the price of the asset. Data from DeFiLlama shows an increase of over 10% in TVL to $1.788 billion in the ecosystem over the last 30 days.
On this basis, analysis suggests that SUI will next aim for $5, with an expected reach to the 78.60% Fibonacci level at $5.7. Meanwhile, other reviews have claimed other benefits $6.61 And $7.73 for SUI.
Meanwhile, SUI is trading at $4.59, up 2.28% in the last 24 hours.
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