Shiba Inu’s SHIB has outperformed both Bitcoin and Ethereum in the ongoing cryptocurrency market recovery.
Note that this milestone occurred in the context of Shibarium reaching record transaction volume.
Despite not garnering much attention, Shiba Inu has quietly outperformed both Bitcoin and Ethereum this year.
Since the beginning of the year, Bitcoin has seen an impressive 64% increase, reaching an all-time high of over $73,000. This increase is mostly attributed to the launch of Bitcoin exchange-traded funds (ETFs) in the U.S.
Similarly, Ethereum has recorded significant growth, with a 73% increase since the beginning of the year, approaching the $4,000 threshold. Ethereum’s surge has been fueled by speculation on a potential Ethereum ETF and a recent Dencun update.
However, Shiba Inu’s SHIB token has overshadowed these gains. During the same period, the price of SHIB soared by 246% to $0.00003599. Although its current value has dropped to $0.00002779, its notable increase reflects the significant interest in the project this year.
One key factor contributing to Shiba Inu’s price success is the increasing acceptance and usage of the community’s Shibarium. Shibarium is an Ethereum Layer 2 network launched by this meme coin’s ecosystem in August of last year.
Despite initial challenges, Shibarium has gained traction and proudly boasts integration capabilities with major cryptocurrency platforms such as Gate.io.
Data from ShibariumScan shows that the network’s transaction volume has surpassed 412 million, demonstrating its resilience and competitiveness among other Layer 2 networks. This growth solidifies Shibarium’s position as a key player in the blockchain space.
In addition, according to data from DeFillama, the total value of assets locked on the network recently surpassed $2 million, though it has decreased to $1.35 million amid the ongoing market correction.
