Shiba Inu has maintained a little advantage over its main competitors, Dogecoin (DOGE) and PEPE, even as the meme currency market becomes more competitive.
Shiba Inu whales unleashed
Other performance measures are starting to show signs of recovery, aside from the overall decline in the price of the three meme currencies. Data from the cryptocurrency monitoring tool IntoTheBlock (ITB) shows that Shiba Inu’s whale transaction volume has increased by a staggering 268.26%.
These significant transactions, which exceeded $98.12 million in a single day, suggest the valuation of trades or transfers valued at more than $100,000, according to the statistics. In contrast, Dogecoin’s whale transactions increased to $966.35 million last night, a mere 13.29% increase.
Alongside the significant transaction, the frog-themed meme currency PEPE had a change of 11.16% over the course of a day. Market whales embraced it widely, and roughly $11.12 million worth of trades were made.
There are other considerations besides whale numbers that decide the race for domination. When it comes to the number of daily active wallets, the Shiba Inu ecosystem has a fairer decline than either Dogecoin or PEPE. Right now, DOGE is still the most capitalised of the three, but Shiba Inu is clearly getting closer.
Beyond meme coin hype
Shiba Inu is moving far beyond its role as a meme coin; it recently revealed intentions to use a layer-3 scaling mechanism to increase the size of its network. In the upcoming month, a significant hard fork update on Shibarium will set the foundation for this new layer-3 chain.
Shiba Inu has been growing quickly in an effort to give back more to its community. Notably, the meme coin project’s main developers have also forged important alliances with businesses like D3 to launch goods that will increase consumer interest in SHIB and its underlying functionality.
The short-term objective is to raise Shiba Inu’s price from its present level of $0.00002208 in order to propel it into the top 10.
