Since the beginning of the year, Bitcoin and Ethereum have become the best-performing digital assets. However, Shiba Inu’s SHIB token has outperformed both Bitcoin and Ethereum in the current cryptocurrency market rally. Notably, this increase comes at a time when Shibarium has witnessed a record number of transactions exceeding 412 million.
Shiba Inu (SHIB) has seen a notable rise of over 30% in the last week, with its current price hovering around $0.00003436. This bullish momentum is largely attributed to the bullish forces of Bitcoin (BTC) and Ethereum (ETH), which have injected renewed vigor into the broader cryptocurrency market. As BTC and ETH set new records, investor sentiment towards altcoins like SHIB becomes increasingly bullish.
Its low entry price attracts many retail investors looking to capitalize on high potential returns with a modest investment. Additionally, SHIB’s strong community support and active social media presence contribute to its popularity and liquidity in the market.
Shiba Inu has become one of the best-performing digital assets this year, surpassing cryptocurrency market giants like Bitcoin and Ethereum. This milestone has occurred in the middle of the Shibarium, reaching a record number of transactions.
Shiba Inu Surpasses Bitcoin and Ethereum
Despite receiving less attention, Shiba Inu has quietly outperformed Bitcoin and Ethereum price performance this year. Since the start of the year, Bitcoin is up an impressive 64%, reaching a new all-time high of over $73,000. This rise is largely attributed to the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, which have seen unprecedented demand.
Likewise, Ethereum has seen significant growth, up 73% so far this year, approaching the $4,000 mark. Ethereum’s rise is due to speculation surrounding a possible Ethereum ETF and the recent Dencun update, which greatly improves the user experience on the blockchain network.
However, the Shiba Inu SHIB token dwarfs these gains. During the same period, the price of SHIB skyrocketed by 246% to reach $0.00003599. Although the current value has fallen to $0.00002779, its notable increase reflects the immense interest and anticipation the project has generated this year.
One of the main catalysts for the success of the Shiba Inu price is the growing adoption and use of Shibarium by the community. Shibarium is an Ethereum Layer 2 network launched by the meme coin ecosystem last August.
Shiba Inu and Meme Cryptocurrencies
Shibarium has gained traction despite initial challenges, boasting integrations with major cryptocurrency platforms like Gate.io. Shibariumscan data shows that transactions on the network have exceeded 412 million, reflecting its resilience and competitiveness against other Layer 2 networks.
This rally cements its status as a major player in the blockchain industry. Additionally, DeFillama data shows that the total value of assets locked on the network peaked at over $2 million. The above, despite having fallen to $1.35 million amid the current market correction.
Still, Shiba Inu developers have urged the community to increase use of the network. Lucie, Shiba Inu marketer, stated the following:
“Shibarium is a blockchain. To see more growth and adoption, we need to support and welcome new projects. Then, we will see more demand for Bone and more Shib burns, thanks to more transactions. We welcome all big builders with serious projects, but also all meme cryptocurrencies. Gas is practically free. The community is fun and welcoming.”
By Leonardo Perez
