Is Instagram jealous of Snapchat?

With the latest update, popular social media app has incorporated features similar to to its rival Snapchat.

Instagram has added a new feature called story which enables users to post pictures which would be visible for only 24 hours after the post.

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Evidently this is the same story feature that Snapchat has been using lately enabling its users to post a story that auto deletes after 24 hours.

Does this update means that Instagram is being jealous of the increasing user base of Snapchat or does it mean that Instagram is scared that it will become obsolete in the coming time?