- The Shiba Inu project has been reinventing itself to break free from its memecoin status to a proper utility project with intrinsic value where developers and users can build.
- Dogecoin remains the market’s most dominant memecoin, but recent data has shown that SHIB has recorded significant ground over Dogecoin.
Shiba Inu (SHIB) has been one of the best-performing coins for much of the year. A lot of this is owed to the ongoing technical development around the Shiba Inu network. Much of this development has accelerated the adoption of the blockchain and seen its utility rise to make it one of the most popular platforms in the space.
The developments have been illuminated by the launch of Shibarium. Shibarium is Shiba Inu’s Layer-2 blockchain solution. Recent data from Shibariumscan reveals an astronomical surge of over 3,000 percent in daily contracts, painting a promising picture for the future of Shiba Inu. In addition, the network has launched additional products to drive adoption. More recently, the team behind Shiba Inu has launched “The Shib Magazine,” a new publication that provides weekly updates and exclusive insights into the SHIB and Shibarium ecosystem.
In addition to technical developments, the SHIB burn rate has continued to soar accelerated by the launch of Shibarium. Data from Shibburn shows that there are around 410,662,470,199,146 total burnt from the initial supply. Ideally, as the supply falls, this will drive demand and prices higher.
Related: SHIB’s Burn Rate Soars 14,000%: Insights into Shiba Inu’s Future
Shiba Inu has shown that it plans to break out of its memecoin status which could be holding it back. By launching a platform for users and developers to build, the network is becoming a competitor for top-tier projects such as Ethereum, Cardano, Solana, and Tron. As it forges its path, investors and observers expect it to surpass the biggest memecoin in the world, Dogecoin.
Over the years, Dogecoin has become one of the largest cryptocurrencies and by far the most popular memecoins. In part, this is owed to its recognition from Elon Musk and Mark Cuban. Elon Musk, in particular, has noted that Dogecoin is his favorite cryptocurrency.
Shiba Inu (SHIB) Vs. Dogecoin (DOGE)
With little happening in network development around Dogecoin, its trading activity, and price movements, the network has fallen out of favor with investors. However, with Elon Musk still a fan of the token and now looking to integrate crypto payments into the X platform (formerly Twitter), many are speculating that Dogecoin will play a major role, in driving its adoption.
Shiba Inu is already demonstrating its rising superiority with on-chain data showing that SHIB is overtaking DOGE in trading activity. Around 11.5 trillion SHIB token transfers were recorded in October. 20. About 15.97 SHIB transfers on November 7, representing a 38 percent increase from last month’s peak transaction activity.
At the time of press, DOGE is trading at $0.079421 with a market cap of $1,489,393,492. SHIB on the other hand is trading at $0.00000906 with a market cap of $314,313,936.
Analysts are projecting further development in the Shiba Inu network, and with it, the price of the SHIB token. In the coming months, Shiba Inu could easily overtake Dogecoin to become not only the most popular memecoin but also cryptocurrency.
