Shiba Inu up 30% against Dogecoin on Shibarium news

Shiba Inu has significantly outperformed Dogecoin over the past seven days, with SHIB up 30% against DOGE.

After the main market crypto-currency memecoin surged more than 120% in late October, SHIB’s price also began to rise, though not as much as its competitor. The token Shiba Inu then rose by 17.3% on the week, while Dogecoin closed the weekly candle in the positive 95%. At the same time, against DOGE, SHIB was down 39.83%.

Source : TradingView

The situation started to change on Wednesday, November 2. The chart below shows an obvious break in the trend, which could be considered a downward correction, but the price of SHIB vs. DOGE has already recovered by more than a third, which is also a signal for change.

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Major influences on the SHIB price

What’s also interesting is that the recent collapse of the crypto-currency market, caused by FTX’s insolvency, has further strengthened Shiba Inu’s position against Dogecoin. When the price of DOGE dropped 29.6%, SHIB’s price only dropped 18.7%. In doing so, SHIB managed to surpass Solana (SOL) in terms of market cap, which seemed nearly 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 developers involved in the project. It was said that Shibarium, which was originally scheduled for release later this year, is in alpha testing, while all the attention of the Shiba Inu and Unification development team, following the release of Shiba Eternity, is directly focused on it.

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