Shiba Inu Emerges as Top Digital Asset, Outperforms Bitcoin and Ethereum
Shiba Inu Outperforms Bitcoin and Ethereum
Despite receiving less attention, Shiba Inu has silently surpassed Bitcoin and Ethereum price performance this year.
Since the year's onset, Bitcoin has surged by an impressive 64%, reaching a new all-time high of over $73,000. This surge is largely attributed to the launch of spot Bitcoin exchange-traded funds (ETFs) in the US, which have seen unprecedented demand.
Similarly, Ethereum has shown significant growth,marking a year-to-date increase of 73%, approaching the $4,000 mark. Ethereum's rise is fueled by speculation surrounding a potential Ethereum ETF and the recent Dencun Upgrade, which vastly enhances user experience on the blockchain network.
However, Shiba Inu's SHIB token overshadows these gains. During the same period, SHIB's price skyrocketed by 246% to hit $0.00003599. While the current value has retraced to $0.00002779, its remarkable increase reflects the immense interest and buzz surrounding the project this year.
Major Catalysts for Shiba Inu's Price Success
- The community's growing adoption and use of Shibarium
- Over 412 million transactions on Shibarium network
- Total value of assets locked on the network peaking at more than $2 million
Shibarium is an Ethereum Layer 2 network launched by the meme coin ecosystem last August. Shibarium has gained traction despite initial challenges, boasting integrations with major crypto platforms like Gate.io. Transactions on the network have exceeded 412 million, reflecting its resilience and competitiveness against other Layer 2 networks. This uptick cements its status as a significant player in the blockchain industry.
DeFillama data shows that the total value of assets locked on the network recently peaked at more than $2 million despite dropping to $1.35 million amid the current market correction. Still, Shiba Inu developers have urged the community to increase their network use.
Shibarium is a blockchain. In order to see more growth and adoption, we need to support and welcome new projects.Then, we will see more Bone demand and more Shib burns, thanks to more transactions. We welcome all great builders with serious projects, but also all meme coins. The gas is practically free. The community is fun and welcoming.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.