Shiba Inu has largely outperformed Dogecoin over the past seven days, with SHIB up 30% against DOGE.
After the main cryptocurrency market memecoin surged more than 120% at the end of October, the price of SHIB also started to rise, but not as significantly as its competitor. The Shiba Inu token then gained 17.3% over the week, while the Dogecoin closed the weekly candle in the 95% positive. At the same time, against DOGE, SHIB was down 39.83%.
The situation began to change on Wednesday, November 2. The chart below shows a clear break in the trend, which could be seen as a downward correction, but the price of SHIB against DOGE has already rallied by more than a third, which is also a signal for change.
Key Influences on SHIB Price
What is also interesting is that the recent collapse of the cryptocurrency market, caused by the insolvency of FTX, has further strengthened Shiba Inu’s position against Dogecoin. When the price of DOGE fell 29.6%, the price of SHIB only fell 18.7%. In doing so, SHIB managed to overtake Solana (SOL) in terms of market capitalization, which seemed almost impossible a week ago.
In the same period, new details about the long-awaited Layer 2 protocol, Shibarium, began to emerge, with direct information from the developers involved in the project. It has been said that Shibarium, which was originally slated for release later this year, is in alpha testing, while the Shiba Inu and Unification development team’s full attention, following the release of Shiba Eternity, is directly focused on him.