Shiba Inu (SHIB), a well-known meme coin, is taking the brunt of the growing battle among cryptocurrencies. Due to its lower market capitalization at the time of writing, SHIB dropped in the list and is now only below LINK. According to CoinMarketCap, the cryptocurrency has a market value of $4,259,394,582 and is currently trading at a price of $0.000007228.
Shiba Inu is an extremely active coin that has the attention of leading market watchers. SHIB has frequently shown that it is willing to test new price levels as a meme currency with a large and active community, despite the bearish barrier to doing so being particularly strong at the time.
In the midst of the continuing consolidation, SHIB HODLers and supporters are more concerned with keeping the currency in the top 20 list of highly capitalised cryptocurrencies than with increasing the competition Chainlink poses. While SHIB has what it takes to really preserve its position among the elite tokens, the speed at which its closest competitors are growing is noticeably taxing all of its efforts.
Chainlink has been defying all odds against a gloomy market to keep a somewhat optimistic view because to its groundbreaking Cross Chain Interoperability Protocol (CCIP).
Growth triggers to watch out for in SHIB
Shiba Inu has always maintained very strong and varied growth fundamentals on a global scale. Shibarium, the meme coin’s Ethereum Layer-2 scaling solution, aims to bring about a large number of decentralised apps (dApps), whose widespread acceptance may help boost demand for SHIB in the near future.
In addition to this important principle, SHIB is a deflationary token that periodically burns a portion of its circulating token supply. Shiba Inu is one of the cryptocurrencies with the quickest rate of fall according to this indicator, which is also known as the burn rate. This tendency is increasing its potential growth in the short term.
