- Shiba Inu beats Bitcoin and Ethereum in 2024’s crypto race, showing a 209% surge this year alone.
- Shibarium, an Ethereum Layer 2 network, boosts Shiba Inu’s success with over 412 million transactions.
Shiba Inu, a meme-based cryptocurrency, swept the crypto world in 2024, outperforming market leaders Ethereum and Bitcoin in terms of price performance. Shiba Inu’s SHIB token has quietly overtaken its more well-known rivals, indicating a tremendous increase in value despite remaining under the radar for most of the year.
It is worth noting Bitcoin was valued at $42,283 at the start of the year. Due largely to the spot Bitcoin exchange-traded funds (ETFs) launch, the cryptocurrency has had an impressive 64% increase from the year’s beginning, reaching over $68,000. Ethereum has also seen remarkable growth, hitting the $4,000 level and boasting a 73% year-to-date increase. At the time of reporting, Ethereum’s price had risen significantly from $2,281 at the beginning of the year to $3,584, crossing several resistance levels.
Shiba Inu has seen an incredible 209% increase in value since the year’s beginning; at the beginning of 2024, it was trading at $0.00001036, but it is now trading at $0.00002796. This increase highlights SHIB’s quick rise in the cryptocurrency market, happening between February 26 and March 5 in a comparatively short period. Shiba Inu continues to rise significantly, outperforming Bitcoin and Ethereum in year-to-date performance, despite a pullback from its top of $0.00004567.
Shibarium Fueling Shiba Inu’s Success
The community’s growing acceptance of Shibarium, an Ethereum Layer 2 network introduced by the meme coin ecosystem, is a significant driving force behind Shiba Inu’s explosive growth. Despite early difficulties, Shibarium has grown in popularity and boasts interfaces with well-known cryptocurrency platforms like Gate.io. With over 412 million transactions on the network, it has cemented its status as a major participant in the blockchain space. Furthermore, according to data from DeFillama, the total value of assets locked on the network recently reached a height of more than $2 million, indicating increasing faith in the Shiba Inu ecosystem.
Shiba Inu has performed brilliantly, but its price milestones have mostly gone unnoticed, in contrast to those of Bitcoin and Ethereum. According to analysts, Shiba Inu’s distance from its all-time high (ATH) in 2021 offers a chance for more growth, with price estimates pointing to rallies towards $0.01 territory. According to market observers, this is proof of Shiba Inu’s unrealized potential, suggesting that even with its recent rise, the cryptocurrency may still have more opportunity to grow.
Shiba Inu Coin Anticipates Rocketing Surge
In a post on X, renowned crypto analyst Javon Marks reiterates his long-held goal for SHIB at $0.000081. This prediction comes after SHIB’s astounding 531% increase since September 2023. Marks predicts a potential 147% growth in the upcoming days, despite the current reversal, which will pave the way for SHIB to reach the $0.000071 mark again.
Since the attached and more original analysis, prices of $SHIB has shown MASSIVE STRENGTH, climbing approximately +531%, but these prices can be set for even more growth!
With the breakout target still at $0.000081, prices of Shiba Inu could have another +147% move coming.
A… https://t.co/ZjA5onlnBO pic.twitter.com/YuUllePvbl
— JAVON
MARKS (@JavonTM1) March 13, 2024
According to Marks, SHIB’s advance towards $0.000081 would open up previously unheard-of price ranges. If SHIB reaches this level, Marks predicts another 90% increase, sending the coin to an all-time high of $0.0001553. For SHIB investors, reaching this milestone would mean an astounding 433% return on their investment. The cryptocurrency community is anticipating big things, especially in light of SHIB’s previous all-time high of $0.00008845.
The recent increase in SHIB’s value, which rose 350% in just one week to above $0.00004534 on March 5, indicates the market’s intrinsic volatility. Despite corrections, Marks is still positive about SHIB’s future, especially considering the present negative trends.
