As the meme coin competition grows, Shiba Inu has extended its subtle lead over its core rivals Dogecoin (DOGE) and PEPE.
Shiba Inu whales unleashed
Besides the general slip-off in the price of the three meme coins, other performance metrics are beginning to see a revival. Per data from crypto analytics platform IntoTheBlock (ITB), the whale transaction volume of Shiba Inu has soared by a massive 268.26%.
Per the data, these large transactions imply the valuation of trades or transfers worth more than $100,000, topping $98.12 million in 24 hours. By comparison, Dogecoin has seen its whale transactions jump by only 13.29% overnight to $966.35 million.
Tagging along with the large transaction, frog-themed meme coin PEPE recorded an 11.16% shift in 24 hours. With its wide embrace by market whales, about $11.12 million worth was traded.
The race for dominance is determined by more factors than whale count. The Shiba Inu ecosystem has a relatively fairer slump in terms of its daily active wallets when compared to either Dogecoin or PEPE. At the moment, DOGE remains the most capitalized of the trio; however, Shiba Inu is visibly closing in.
Beyond meme coin hype
Shiba Inu is thriving beyond its meme coin status as 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 a fast speed as it looks to return more value to its community. Notably, the core developers behind the meme coin project have even entered significant partnerships with market outfits like D3 to introduce products that can help drive demand for SHIB and its underlying utility.
Overall, the short-term goal is to drive Shiba Inu into the top 10 by reviving its price from its current level of $0.00002208.
