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SHIB’s 2023 prices did not fare well: Are 2024’s predictions better?

Press Releases Crypto News AMB-Crypto SHIB’s 2023 prices did not fare well: Are 2024’s predictions better?

SHIB dropped behind ICP due to the latter’s price increase.
The token may keep changing hands around $0.000010 in the short term.

Power has changed hands in the crypto market, and this time, it is not in favor of Shiba Inu [SHIB]. While the memecoin is recognized as a top project in the ecosystem, it has lost the 16th position per market cap to Internet Computer [ICP].

AMBCrypto was able to observe this flip after analyzing the state of things on CoinMarketCap.

Shiba Inu’s fall to 17th place mirrors its underwhelming performance of the last year. At press time, the price of one SHIB was $0.000010. This value was a 29.91% increase in the last 365 days.

When compared to other memes, this performance cannot be considered impressive.

The meme is now behind

Before ICP, AMBCrypto reported how Toncoin [TON] sent Shiba Inu’s position backward. In ICP’s case, its rise could be linked to the cryptocurrency’s performance over the last seven days.

A few days back, we reported how ICP decoupled from the market, and its price increased.

Though some market participants have tagged the Internet Computer token as one to watch, it was surprising that it flipped Shiba Inu this fast.

Per the Weighted Sentiment, on-chain data showed that participants were not bothered about the drop. This was because the Weighted Sentiment rose from the negative region to 0.30.

Positive values of the Weighted Sentiment suggest bullish sentiment.

So, the broader market feels hopeful that Shiba Inu’s condition will turn around for the better. This perception was also evident in the Funding Rate. Funding Rates represent the difference between the spot price of an asset and its perpetual price.

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Author: Victor Olanrewaju

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