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Shiba Inu (SHIB), a dog-themed meme coin, continues to expand beyond limitations and uncharted territories with a recently achieved milestone. In terms of performance, SHIB has slightly outperformed Ethereum (ETH), the second-largest cryptocurrency, in the last 12 months.
Analyzing SHIB and ETH's yearly performance
Lucie, Shiba Inu’s marketing executive, gave the update earlier today in a post on social media X. The update comes amid a broader market rally, which saw SHIB and ETH recording gains of over 6% on the daily frame.
Both SHIB and ETH have performed fairly well over the past year, according to data from Coincodex data. However, SHIB is still ahead of Ethereum by a slight margin. Specifically, the one-year percentage growth performance for SHIB is 44.17%, whereas Ethereum’s is 44.06%, as of the time of writing.
2024 has been quite an eventful year for Shiba Inu with several developments surrounding the meme coin. The Shiba Inu team has also chosen not to rely on its past success, actively developing strategies to onboard new users into the ecosystem and maintain the bullish sentiment in the community.
The Shiba Inu team recently revealed intentions to develop a Layer-3 network. The network will help ensure privacy and security by utilizing Fully Homomorphic Encryption (FHE), a privacy tool for developers.
Development in Shibarium
Moreover, Shibarium, Shiba Inu’s Layer-2 blockchain, has recorded a key milestone, crossing the 6 million mark in terms of total blocks processed on the network. Shibarium is set to introduce a token burn mechanism into the core components of the network.
These developments highlight the impressive demand for the Layer-2 network and broader Shiba Inu ecosystem. The team’s efforts have not gone unnoticed as is now evident in the price of SHIB.
At press time, SHIB was trading at $0.00001417, up by 6.5% in the past day. However, the trading volume decreased slightly by 0.4% to $301 million.
Yuri Molchan
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin