Shiba Inu Outperforms Dogecoin and PEPE in Whale Activity

According to U.Today, Shiba Inu, a popular meme coin, has seen a significant increase in whale transaction volume, outpacing its main competitors, Dogecoin (DOGE) and PEPE. Despite a general decrease in the price of these three meme coins, other performance metrics are showing signs of recovery. Data from the crypto analytics platform IntoTheBlock (ITB) reveals that Shiba Inu's whale transaction volume has surged by a staggering 268.26%. These large transactions, valued at over $100,000, amounted to $98.12 million in 24 hours. In contrast, Dogecoin's whale transactions increased by only 13.29% overnight, reaching $966.35 million. PEPE, a frog-themed meme coin, saw an 11.16% increase in large transactions, with about $11.12 million worth traded. The competition for dominance among these coins is influenced by more than just the number of whale transactions. The Shiba Inu ecosystem has experienced a relatively smaller decrease in the number of its daily active wallets compared to Dogecoin or PEPE. Currently, DOGE is the most capitalized of the three, but Shiba Inu is steadily catching up. Shiba Inu is not only thriving as a meme coin but also expanding its network reach with a layer-3 scaling solution. This new layer-3 chain, called Shibarium, will be introduced through a major hard fork upgrade in the coming month. The Shiba Inu team has been working diligently to provide more value to its community. They have entered into significant partnerships with market outfits like D3 to introduce products that can help drive demand for SHIB and its underlying utility. The short-term goal is to propel Shiba Inu into the top 10 by increasing its price from its current level of $0.00002208.