According to U.Today, Shiba Inu (SHIB), a dog-themed meme coin, has achieved a significant milestone by slightly outperforming Ethereum (ETH) in the past 12 months. Both cryptocurrencies have seen gains of over 6% on a daily basis amid a broader market rally. Data from Coincodex indicates that SHIB's one-year percentage growth stands at 44.17%, marginally ahead of Ethereum's 44.06%.
2024 has been a notable year for Shiba Inu, marked by several key developments. The Shiba Inu team has been proactive in developing strategies to attract new users and sustain positive sentiment within the community. One of the major initiatives includes the development of a Layer-3 network aimed at enhancing privacy and security through Fully Homomorphic Encryption (FHE).
Additionally, Shibarium, Shiba Inu’s Layer-2 blockchain, has reached a significant milestone by processing over 6 million total blocks. Shibarium is also set to introduce a token burn mechanism into its core components, reflecting the growing demand for the Layer-2 network and the broader Shiba Inu ecosystem. These efforts have positively impacted SHIB's price, which was trading at $0.00001417, up by 6.5% in the past day, although the trading volume saw a slight decrease of 0.4% to $301 million.
