Top dogs: Newbie Shiba Inu bites back, gains 25% vs. Dogecoin in February

cointelegraph.com:

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 dollar versus Dogecoin's 11%, as shown in the chart below.

Most of the 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.

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 non-fungible tokens (NFTs) 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

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.