Move over, bitcoin and ethereum. The meme coin market is crazy with Shiba Inu (SHIB) quietly stealing the show in 2024. While the big dogs have been grabbing the headlines with new all-time highs, the self-proclaimed “Doge Killer” has been on a roll, outperforming its rivals set with an increase of almost 210% year to date (YTD).
While bitcoin and ethereum have attracted significant attention for their price performance, Shiba Inu has quietly outperformed both, achieving impressive growth and capturing the interest of investors and analysts alike.
The Meteoric Rise of the Shiba Inu: A Story of Adoption and Innovation
The Shiba Inu SHIB token has witnessed a staggering 246% price surge since the beginning of the year, reaching a high of $0.00003599 before settling at a slightly lower but still notable price of $0.00002779. This unexpected rise has put Shiba Inu in 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 to 10% in the last 24 hours, but it lost 17% in the last seven days, Coingecko data shows.
The key factor behind Shiba Inu's remarkable performance lies in the increasing adoption and utilization of shibario, an ethereum Layer 2 network introduced by the Shiba Inu ecosystem in August 2022. Shibarium overcame 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 rise. .
bitcoin and ethereum: Steady Growth Amid the Shiba Inu Storm
While Shiba Inu has stolen the show, bitcoin and ethereum have also seen substantial growth this year, albeit at a more measured pace. bitcoin has surpassed its previous all-time high, reaching new price discovery territory by breaking multiple resistance points above $70,000. Despite setting new records, bitcoin's year-to-date (YTD) gain remains 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, breaking through several resistance levels to trade at $3,840 at the time of writing. Starting the year at $2,280, ethereum has slightly outperformed bitcoin with a year-to-date rise of 68.5%. While these gains are significant, they pale in comparison to Shiba Inu's notable 246% increase.
Potential for further growth: a promising horizon
Despite its impressive rally, 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 increases for SHIB as it suggests significant room for growth. As a result, price projections have emerged predicting rallies towards the $0.01 territory, further fueling investor enthusiasm.
Featured image from Pexels, chart from TradingView
