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While often overshadowed, Shiba Inu has quietly outperformed Bitcoin and Ethereum in price performance this year.
Comparing Growth Trajectories
Since the beginning of the year, Bitcoin has witnessed a notable surge of 64%, reaching an unprecedented all-time high surpassing $73,000. This surge has mainly been attributed to the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States, which have witnessed unprecedented demand.
Ethereum also surged, marking a year increase of 73% and nearing the $4,000 milestone.
Shiba Inu's Remarkable Rise
However, Shiba Inu's SHIB token has truly captured attention with its remarkable performance. Over the same period, SHIB's price has surged by an impressive 246%, reaching $0.00003599.
According to Be In Crypto, although the current value has retraced to $0.00002779, its substantial increase underscores the significant interest and buzz surrounding the project this year.
The Role of Shibarium in Shiba Inu's Success
A key catalyst for Shiba Inu's price surge has been the community's growing adoption and utilization of Shibarium. Shibarium, an Ethereum Layer 2 network launched by the meme coin ecosystem last August, has gained traction despite initial challenges. Notably, it has integrated with major cryptocurrency platforms like Gate.io.
A Coinpedia report says reaching a $100 billion market cap for SHIB would necessitate exponential growth, equating to nearly a 600% increase from its current $17 billion cap. Despite the hurdles looming, SHIB's recent surge in large transaction volume, reaching $420.11 million, indicates a surge in interest and activity surrounding the token.
Data from ShibariumScan reveals that transactions on the network have surpassed 412 million, demonstrating its resilience and competitiveness against other Layer 2 networks. This surge solidifies its position as a significant player in the blockchain industry.
Photo: Ferhat Fors/Unsplash
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