Shiba Inu (SHIB) Has Outperformed the NASDAQ 100

Shiba Inu (SHIB) has been making headlines recently, as its performance has outperformed the top US tech stock benchmark, the NASDAQ 100, in the first quarter of 2023. The growth in the price of SHIB is due to the launch of PuppyNet, the beta version of the Shibarium Layer-2 protocols, which is seen as a game-changer for the Shiba Inu ecosystem. The performance of Shiba Inu in the first quarter of 2023 has been quite impressive, as it has grown by more than 29%, surpassing NASDAQ’s growth of 17% during the same period.

The Growth of Shiba Inu

This outperformance is noteworthy, especially when we consider the deep correlation between the crypto market and the US stock market, including the US Tech 100 and the S&P 500 Index. While it’s true that the digital currency ecosystem is intricately linked to the stock market, the higher volatility in the crypto market has helped crypto assets print a higher growth rate compared to their stock market counterparts.

One of the main reasons behind Shiba Inu’s outperformance is the launch of PuppyNet, the beta version of the Shibarium Layer-2 protocol. Shibarium is a major game-changer for the Shiba Inu meme coin ecosystem, and it is projected to have a significant impact on its price. With the launch of PuppyNet, Shibarium has joined the ranks of other important Ethereum-based layer-2 outfits that bring innovative solutions to some of the most pressing needs in today’s Web 3.0 ecosystem.

The PuppyNet Advantage

The launch of PuppyNet has been the driving force behind the growth in the price of SHIB. Shibarium is a Layer-2 protocol that is expected to have a significant impact on the Shiba Inu ecosystem, with its innovative solutions to some of the most pressing needs in today’s Web 3.0 ecosystem. With the launch of PuppyNet, Shibarium now joins the ranks of other important Ethereum-based layer-2 outfits, bringing out innovative solutions to the market.

Shibarium has been getting the recognition it deserves, and total transactions hit an all-time high. The rise in the transaction count on Shibarium also helps fuel a steady SHIB token burn event, with an underlying influence on the price of the meme coin. The more developers embrace Shibarium, the more relevant the protocol will get in the L2 ecosystem, which is growing more competitive.

Shibarium’s Plan to Drive Demand

Shibarium’s main goal is to reduce SHIB’s supply gradually, making its supply crushed in such a way that can drive its demand. The Shibarium protocol will have a strong utility that will continually make it more attractive than its biggest rival, Dogecoin (DOGE). The historical price action of SHIB has shown that nothing is impossible.

However, the role of Shibarium is to ensure that the meme coin’s supply is gradually reduced, making its supply crushed in such a way that can drive its demand. Shibarium is expected to have a significant impact on the SHIB price, pushing it to $0.001 from its current level. The Shibarium protocol will have a strong utility that will continually make it more attractive than its biggest rival, Dogecoin (DOGE).

With PuppyNet recording success thus far, the confirmation of the Shibarium mainnet will serve as a watershed moment for the protocol and its hoard of supporters. The Shibarium mainnet will make the protocol more accessible to developers, allowing them to build decentralized applications (dApps) that can run faster and cheaper. This development will also create more demand for the meme coin, and with its reduced supply, this will drive its price further up.

Final words

Shiba Inu (SHIB) has been creating waves lately as its price performance outshined NASDAQ 100, the top US tech stock benchmark, in Q1 2023. The credit goes to the beta version of the Shibarium Layer-2 protocol, PuppyNet, which has been viewed as a game-changer for the SHIB ecosystem. In this article, we will discuss the impact of Shibarium on the SHIB price and its future prospects.

Despite the correlation between the crypto and US stock markets, Shiba Inu’s Q1 2023 growth was impressive. The high volatility in the crypto market enabled SHIB to record a higher growth rate than the stock market. With the increasing hype surrounding Shibarium, the total transactions have hit an all-time high.

The rise in the transaction count has fueled a steady SHIB token burn event, with a considerable impact on the price of the meme coin. As more developers embrace Shibarium, the protocol will become more relevant in the L2 ecosystem, making it more attractive than its biggest competitor, Dogecoin (DOGE).

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