The more that details of Shibarium are revealed, the more SHIB outperforms DOGE
The Shiba Inu has been outperforming Dogecoin for the past seven days, with the SHIB gaining 30% over DOGE. The price of SHIB has also started to rise after the main crypto market Memecoin saw an increase of over 120% at the end of October, but less widely than its rival. The Shiba Inu token then gained 17.3% for the week, while Dogecoin closed the weekly candle on a positive 95%. At the same time, according to Binance, SHIB was down 39.83% against DOGE.
The situation started to change on Wednesday, Nov. 2. The chart below shows an obvious break in the trend, which could be considered a correction to the downtrend, but the SHIB price against DOGE has already recovered by more than a third, which is also a signal of a shift.
Major Impact on SHIB Price
It is also interesting that the recent collapse of the crypto market due to the bankruptcy of major exchange FTX has further strengthened Shiba Inu’s position against Dogecoin. When the price of DOGE fell by 29.6%, the price of SHIB fell by only 18.7%. In doing so, SHIB was able to overtake Solana (SOL) in terms of market capitalization, which a week ago seemed almost impossible.
In the same period, new details about the long-awaited Layer 2 protocol, Shibarium, began to emerge, with direct reports from the developers involved. It has been said that Shibarium, which was originally supposed to be released later this year, is in alpha testing, while all of the attention of the Shiba Inu and Unification development team, following the release of Shiba Eternity, is focused directly on it.
