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That depends on how desperate you are and if you’re ok with the company you prefer withdrawing the offer altogether. The way I view it, if you raise this in a respectful, professional way, making clear they are your top choice and wondering if they can meet or exceed the other offer, and they react negatively then perhaps it’s a place you actually didn’t want to work.
I think the best strategy is to match the desired comp to the scope of the job. If both jobs are really the same, then you can justify the market rate with your other offer.