Shiba Inu (SHIB) is now the 13th-largest cryptocurrency with its market valuation sitting near $18 billion, right behind its rival meme-cryptocurrency Dogecoin (DOGE), worth roughly $20 billion.
But despite falling behind in ranks, SHIB’s price has outperformed DOGE in 2022. February has seen a sharp recovery for the SHIB/DOGE pair, in particular, rising by over 38% month-to-date (MTD).
As a result, Shiba Inu gained more than 50% MTD against the United States dollar versus Dogecoin’s 11%, as shown in the chart below.
SHIB/USDT vs. DOGE/USDT daily price performance. Source: TradingView
Most of February’s — and, in fact, 2022’s — gains in the SHIB market surfaced on two dates: Feb. 6 and 7. SHIB’s price rose by a net 41% led by back-to-back optimistic updates in the Shiba Inu market compared to DOGE’s 12.5% gain.
Welly’s adoption, burn party, other bullish catalysts
Shiba Inu’s rally in February primarily came in the wake of multiple bullish catalysts, including merchant adoption, a token burning event and the announcement of a layer-2 blockchain solution.
On Feb. 3, Welly’s, a fast-food chain selling burgers and french fries, announced a tie-up with Shiba Inu. In doing so, the firm decided to rebrand its stores to integrate Shiba Inu-themed products, including nonfungible tokens featuring their mascot dog’s imageries.
SHIB X WELLY (.@wellyfriends)! Exceptional Shib Branded Fast Food available NOW, Shib Ecosystem integration, Global Store Expansion and our first bold step into “in-real-life” products all explained in this medium! Don’t eat like a clown, eat WELL. https://t.co/jgs4pWQNHw
— Shytoshi Kusama™ (@ShytoshiKusama) February 2, 2022
Welly’s customers will be able to buy their products using SHIB tokens while participating in their food chain’s expansion via Shiba Inu’s decentralized autonomous organization “Doggy DAO.” A day after the announcement, SHIB’s price rose by 7% to $0.00002219.
On Feb. 5, a day before the big Shiba Inu rally, crypto company Bigger Entertainment announced a massive “coin burn” involving SHIB tokens on Valentine’s Day, effectively…