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probably. your competitve site outworked you on link building. as we all know nothing is permanent in SERP. it doesnt mean having top spot for this week, it would still be on top the next time you check google, especially if your stopped link building progress.
being on top of serp doesnt also mean, if your ranking ever drops, it would only be a number of notch down.
this occurred to me before. i was optimizing a client's site. It was already at the top 5 for a couple of weeks, and after just a few days of no link building its rankings suddenly collapsed. It dropped drastically from the top 100 sites.
I think to maintain a sites position is to continually work on link building your site.
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