The remarkable rise of the Shiba Inu: how did it overtake Bitcoin and Ethereum?

Shiba Inu has become one of the best performing digital assets this year, surpassing crypto market giants such as Bitcoin and Ethereum. It is worth noting that this achievement came after Shibarium achieved a record number of transactions.

Shiba Inu outperforms Bitcoin and Ethereum

Although it has received less attention, the Shiba Inu coin has quietly outperformed Bitcoin and Ethereum prices this year.

Since the start of the year, Bitcoin has seen an impressive 64% rise, reaching a new all-time high of over $73,000. This is largely due to the launch of Bitcoin spot exchange-traded funds (ETFs) in the United States, which have seen unprecedented demand.

Likewise, Ethereum has shown significant growth, seeing a 73% year-to-date increase to approach the $4,000 level. Ethereum's rise is fueled by speculation around a potential Ethereum exchange-traded fund (ETF) and Dunkin's recent upgrade, which significantly improves the user experience on the blockchain network.

However, the Shiba Inu's SHIB token eclipses these gains. During the same period, it increased SHIB Price By 246%, reaching $0.00003599. Although the current value has fallen to $0.00002884, the notable increase reflects the enormous interest and hype surrounding the project this year.

Read more: Shiba Inu (SHIB) price forecast in 2024/2025/2030

One of the main motivating factors for the success of the Shiba Inu Prize is the growing adoption and use of the coin by the community. Shibarium, an Ethereum layer 2 network launched by the meme ecosystem last August, is also gaining momentum. Despite the initial difficulties. It boasts integration with major crypto platforms such as Gate.io.

Shows data ShibariumScan Transactions on the network have exceeded 412 million transactions. This reflects its flexibility and competitiveness compared to other layer 2 networks. This rise strengthens its position as an important player in the blockchain industry.

Read more: Meme whales make millions in profits, but what about the losers?

Total Value Locked on Shibarium Reached a High

Furthermore, it shows Data DeFillama said the total value locked on the network recently peaked at $2 million. Although it fell to $1.35 million amid the current market correction. However, Shiba Inu developers have urged the community to increase usage of the network.

In this regard, He said Shiba Inu Lucy Marketer.

“Shibarium is a blockchain. In order to see more growth and adoption, we need to support and welcome new projects, and as a result, we will see more demand for bones and more gray burns through more transactions. We We welcome all the big builders with serious plans,” But we also welcome all the memes. Gas is practically free. The community is fun and welcoming.”