Sui, a new entrant to the market, is doubling down on its attempt to overtake Shiba Inu in the cryptocurrency rankings as its market capitalization recently reached a new milestone.
In particular, this occurs when Shiba Inu has recovered bullish momentum after a notable correction last week. The second-largest meme coin by market capitalization has risen nearly 4% in the past 24 hours, reflecting a broader market rally.
Despite the recovery phase, SHIB has fallen three places in the market capitalization ranking over the last month. Bullish traction in Avalanche, Chainlink and Toncoin has ensured that the high caliber meme coin has moved to 14th place.
Meanwhile, the doggy-themed meme coin could decline as a strong rival draws ever closer. SUI may be the next asset to overtake Shiba Inu in the market cap rankings amid sustained bullish momentum.
Sui approaches its all-time high
The Sui network’s native token has continued to consolidate around its all-time high of $4.96, reached earlier in the month. The sustained momentum has allowed it to recover the market capitalization of $13 billion, reaching $13.9 billion yesterday.
Additionally, SUI’s continued upward momentum has put it in the running to change Shiba Inu’s market cap. At press time, the network’s valuation stands at $13.42 billion, less than $400 million of Shiba Inu’s $13.84 billion.
This means SUI needs to rise less than 2% to $4.67 to overcome Shiba Inu Market Capitalization and is ranked 14. However, this will materialize if the meme coin stays at the current valuation and does not rise along with the market.
Will the increase in TVL push Sui to surpass Shiba Inu?
Meanwhile, bullish momentum continues to build in the SUI ecosystem. The SUI token has risen a staggering 522% in the past year, with a 32% increase due to its strong move from below $3.5 to the current market price.
Furthermore, the total value locked (TVL) on the Sui network increased with the price of the asset. Data of DeFiLlama shows an increase in TVL of more than 10% to $1.788 billion in the ecosystem over the last 30 days.
Based on this, analysis suggests that SUI will target $5 next, with the expected reach at the 78.60% Fibonacci level at $5.7. Meanwhile, other comments claimed more advantages of $6.61 and $7.73 for IUE.
Meanwhile, SUI is trading at $4.59, up 2.28% in the last 24 hours.