Shiba Inu has emerged as one of the top-performing digital assets this year, surpassing crypto market giants like Bitcoin and Ethereum.
Notably, this milestone occurred amid the Shibarium, reaching a record number of transactions.
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.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
One of the major catalysts for Shiba Inu’s price success is the community’s growing adoption and use of Shibarium. 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.
ShibariumScan data shows that 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.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
Moreover, 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,” Shiba Inu marketer Lucie said.
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