Step aside, Bitcoin and Ethereum. The meme coin market is ablaze with excitement over Shiba Inu (SHIB) quietly but confidently stealing the spotlight in 2024. While the big players in the crypto world have been making waves with new all-time highs, the self-proclaimed “Doge Killer” has been on a rampage, outperforming its established counterparts with an impressive nearly 210% surge year-to-date (YTD).
While Bitcoin and Ethereum have been grabbing headlines for their price movements, Shiba Inu has been making its own mark, surpassing both in terms of growth and capturing the attention of investors and analysts everywhere.
Shiba Inu’s Rise to Fame: A Story of Innovation and Adoption
Shiba Inu’s SHIB token has experienced a jaw-dropping 246% price increase since the start of the year, peaking at $0.00003599 before settling at a still impressive $0.00002779. This unexpected surge has propelled Shiba Inu into the spotlight, prompting discussions about the factors driving its success.
SHIB price action in the last year. Source: Coingecko
As of now, SHIB is trading at $0.000028, enjoying a 10% increase in the last 24 hours, according to data from Coingecko. However, it has seen a 17% drop in the past week.
The driving force behind Shiba Inu’s impressive performance can be attributed to the growing adoption and utilization of Shibarium, an Ethereum Layer 2 network introduced by the Shiba Inu ecosystem in August 2022. Despite initial challenges, Shibarium has gained significant traction, with major crypto platforms like Gate.io integrating the network.
Source: Shibariumscan
This integration has facilitated over 410 million transactions on Shibarium, showcasing its efficiency compared to other Layer 2 solutions. The widespread adoption of Shibarium has sparked optimism among investors, driving the token’s price surge.
Bitcoin And Ethereum: Steady Growth Amidst Shiba Inu’s Dominance
While Shiba Inu has stolen the show, Bitcoin and Ethereum have also seen substantial growth this year, albeit at a more gradual pace. Bitcoin has broken its previous all-time high, entering uncharted territory above $70,000. Despite its new records, Bitcoin has achieved a steady 65% YTD gain, starting the year at $42 and now trading at $68,049.
Ethereum, on the other hand, has shown impressive performance, surging above various resistance levels to reach $3,840 at the time of writing. With a YTD increase of 68.5%, Ethereum has slightly outperformed Bitcoin. However, both are overshadowed by Shiba Inu’s remarkable 246% surge.
Potential For Further Growth: A Bright Future Ahead
Despite its impressive run, Shiba Inu is still 170% away from its 2021 all-time high, while Bitcoin has already surpassed its previous peak. This variance has led market analysts to predict even more significant price increases for SHIB, indicating room for substantial growth. Projections hint at rallies towards the $0.01 mark, further exciting investors.
Featured image from Pexels, chart from TradingView
