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Shiba Inu

Shiba Inu: Data Reveals Big Surge Edging Bitcoin, Ethereum Despite Setbacks

Christian Encila
by Christian Encila
1 year ago
·
Posted in Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Move over, Bitcoin and Ethereum. The meme coin market is barking mad with Shiba Inu (SHIB) quietly stealing the show in 2024. While the big dogs have been grabbing headlines with new all-time highs, the self-proclaimed “Doge Killer” has been on a tear, outperforming its established rivals with a nearly 210% year-to-date (YTD) surge.

While Bitcoin and Ethereum have garnered significant attention for their price performance, Shiba Inu has quietly outpaced both, achieving impressive growth and capturing the interest of investors and analysts alike.

Shiba Inu’s Meteoric Rise: A Tale of Adoption And Innovation

Shiba Inu’s SHIB token has witnessed a staggering 246% price increase since the beginning of the year, reaching a peak of $0.00003599 before settling at a slightly lower but still remarkable price of $0.00002779. This unexpected surge has propelled Shiba Inu into the spotlight, raising questions about the factors behind its success.

SHIB price action in the last year. Source: Coingecko

At the time of writing, SHIB was trading at $0.000028, up 10% in the last 24 hours, but shed 17% in the last seven days, data from Coingecko shows.

Related Reading: Who Moved 1 Trillion Shiba Inu Tokens? Huge Transfer Raises Eyebrows

The key driver behind Shiba Inu’s remarkable performance lies in the burgeoning adoption and utilization of Shibarium, an Ethereum Layer 2 network introduced by the Shiba Inu ecosystem in August 2022. Shibarium has overcome initial challenges and gained significant traction, with major crypto platforms like Gate.io integrating the network.

Source: Shibariumscan

This integration has facilitated the processing of over 410 million transactions on Shibarium, demonstrating its robustness and efficiency compared to other Layer 2 solutions. The widespread adoption of Shibarium has fueled optimism among investors, contributing to the token’s price surge.

Bitcoin And Ethereum: Steady Growth Amidst The Shiba Inu Storm

While Shiba Inu has stolen the limelight, Bitcoin and Ethereum have also experienced substantial growth this year, albeit at a more measured pace. Bitcoin has breached its previous all-time high, reaching new price discovery territory as it surpassed multiple resistance points above $70,000. Despite setting new records, Bitcoin’s year-to-date (YTD) gain stands at a steady 65%, starting the year at $42 and currently trading at $68,049.

Ethereum, on the other hand, has demonstrated impressive price performance, soaring above several resistance levels to trade at $3,840 at the time of writing. Beginning the year at $2,280, Ethereum has slightly outperformed Bitcoin with a YTD increase of 68.5%. While these gains are significant, they pale in comparison to Shiba Inu’s remarkable 246% surge.

Related Reading: Shiba Inu Partner Token Makes Waves On Leading US TV Station

Potential For Further Growth: A Promising Horizon

Despite its impressive rally, the memecoin is still 170% away from reclaiming its 2021 all-time high, while Bitcoin has already surpassed its previous peak. This discrepancy has led market analysts to anticipate even more substantial price surges for SHIB, as it suggests significant room for growth. As a result, price projections predicting rallies towards the $0.01 territory have emerged, further fueling investor excitement.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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