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In an unexpected turn of events for Shiba Inu (SHIB) enthusiasts, the renowned token has encountered its first significant challenge of 2024. On Jan. 1, SHIB slipped to the 17th spot on the list of the largest cryptocurrencies by capitalization, losing its coveted 16th position to the surging Internet Computer token (ICP).
The twist in the tale lies not merely in SHIB’s descent but in ICP’s remarkable performance over the past four weeks. Often considered a “godforsaken” token by some, ICP has defied expectations, registering an impressive growth rate of over 185%. This surge catapulted ICP’s capitalization to an impressive $6.1 billion, effectively displacing SHIB from its previous standing.
While ICP soared to new heights throughout December, SHIB seemed to remain stagnant. The Shiba Inu token’s weekly performance exhibited a minimal spread, with a mere 3.5% difference between the closing and opening prices.
2024, but it’s 2021
The burning question on the minds of crypto enthusiasts is whether SHIB can stage a comeback and reclaim its former glory in the near future. However, the intrigue extends beyond this, with the dawn of 2024 witnessing a captivating face-off between two crypto market “stars” of 2021.
The clash between SHIB and ICP raises questions about the resurgence of old narratives in the world of digital currencies. This sudden battle marks the commencement of what could be an interesting chapter in the crypto saga of 2024.