Sui, a new market entrant, is doubling down on its attempt to surpass Shiba Inu in the crypto ranking, as its market cap recently hit a new milestone.
Notably, this comes as Shiba Inu has regained bullish momentum after a notable correction last week. The second-largest meme coin by market cap has surged almost 4% in the past 24 hours, mirroring a broader market rebound.
Despite the recovery phase, SHIB has dropped three places in the market cap ranking in the past month. Bullish traction on Avalanche, Chainlink, and Toncoin has ensured the high-caliber meme coin moved to 14th place.
Meanwhile, the doggy-themed meme coin could move lower as a strong rival draws increasingly closer. SUI may be the next asset to flip Shiba Inu in market cap rankings amidst sustained bullish momentum.
Sui Nears All-Time High
The Sui network’s native token has continued consolidating around its all-time high of $4.96, achieved early in the month. The sustained momentum has seen it reclaim the $13 billion market cap, hitting $13.9 billion yesterday.
Moreover, SUI’s continued upward push has placed it in contention to flip Shiba Inu in market cap. At press time, the network’s valuation stands at $13.42 billion, less than $400 million from Shiba Inu’s $13.84 billion.
This means that SUI needs to surge less than 2% to $4.67 to surpass Shiba Inu’s market cap and rank 14th. However, this will materialize if the meme coin remains at the current valuation and does not rise alongside the market.
Will TVL Surge Push Sui Past Shiba Inu?
Meanwhile, bullish momentum continues to swell in the SUI ecosystem. The SUI token has surged a jaw-dropping 522% in the past year, with 32% of the uptick from its solid move from sub $3.5 to the current market price.
Furthermore, the total value locked (TVL) on the Sui network increased with the asset’s price. Data from DeFiLlama shows an over 10% TVL uptick to $1.788 billion in the ecosystem over the past 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 commentaries asserted further upsides to $6.61 and $7.73 for SUI.
In the meantime, SUI trades at $4.59, up 2.28% in the past 24 hours.
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