Shiba Inu (SHIB) Outshines DOGE and PEPE in This Key Metric

Cover image via U.Today

As the meme coin competition intensifies, Shiba Inu has subtly extended its lead over its primary rivals, Dogecoin (DOGE) and PEPE.

Shiba Inu Whales Unleashed

Despite a general decline in the prices of the three meme coins, other performance metrics are showing signs of resurgence. According to data from crypto analytics platform IntoTheBlock (ITB), the whale transaction volume of Shiba Inu has surged by a substantial 268.26%.

These large transactions, defined as trades or transfers worth over $100,000, have reached $98.12 million in the past 24 hours. In contrast, Dogecoin's whale transactions have increased by a mere 13.29% overnight, reaching $966.35 million.

Frog-themed meme coin PEPE has also seen an increase in large transactions, with an 11.16% shift in 24 hours. Approximately $11.12 million worth of PEPE was traded, indicating significant interest from market whales.

The race for dominance is not solely determined by whale activity. The Shiba Inu ecosystem has experienced a relatively smaller decline in daily active wallets compared to Dogecoin or PEPE. Currently, DOGE remains the most capitalized of the trio, but Shiba Inu is rapidly closing the gap.

Beyond Meme Coin Hype

Shiba Inu is evolving beyond its meme coin status. It recently unveiled plans to expand its network reach with a layer-3 scaling solution. This new layer-3 chain will be built on Shibarium through a major hard fork upgrade in the coming month.

Shiba Inu has been expanding at an accelerated pace, seeking to provide more value to its community. The core developers behind the project have forged significant partnerships with market outfits like D3 to introduce products that can drive demand for SHIB and its underlying utility.

Overall, the short-term goal is to propel Shiba Inu into the top 10 by reviving its price from its current level of $0.00002208.