Shibarium, the layer-2 solution for Shiba Inu, has achieved a remarkable milestone, hitting an all-time high total value locked (TVL) exceeding $3.67 million. This achievement adds to the prevailing bullish sentiment surrounding the Shiba Inu ecosystem, suggesting potential for further price increases. Data sourced from DeFiLlama reveals a substantial surge in the total value locked on Shibarium, leaping from $1.43 million on March 22 to $3.38 million on March 23. This surge instills optimism regarding the price trajectory of SHIB.
Shibarium, the layer-2 solution for Shiba Inu, has reached a significant milestone as its Total Value Locked (TVL) surges to unprecedented levels.
The significant increase in Shibarium’s Total Value Locked (TVL) represents a tangible demonstration of the network effect in action, showcasing the growing strength and impact of the ecosystem. What makes this development particularly noteworthy is the trajectory Shibarium has taken over the past months. For much of the year, its TVL remained relatively modest, lingering below the $1 million mark. However, in late February, there was a noticeable shift, and since then, the TVL has seen a remarkable surge, currently standing at an impressive $3.67 million.
One key factor contributing to this surge is the introduction of the DAMN token on WoofSwap, a decentralized exchange built on the Shibarium platform. The launch of DAMN generated significant buzz within the crypto community, quickly establishing itself as one of the most talked-about cryptocurrencies following its debut on March 18.
Data from Shibariumscan highlights the immediate impact of DAMN’s launch, with a sharp increase in the number of daily active users, soaring to 2,482 on the day of its introduction. Additionally, the TVL of WoofSwap has experienced an astounding growth spurt, witnessing an impressive 8,988% increase in just the past seven days alone. This surge in activity underscores the growing interest and participation within the Shibarium ecosystem, setting the stage for further expansion and development in the days to come.
The current trading price of Bitcoin stands at $65,492.
What lies ahead for Shiba Inu?
Shibarium’s recent achievements have sparked considerable optimism regarding the price trajectory of SHIB, as the cryptocurrency ecosystem has a tendency to react strongly to developments concerning the layer-2 network. This growth signifies an increasing user base for Shibarium, which could potentially translate into upward momentum for SHIB’s price.
The recent milestone reached by Shibarium prompted a notable 8.8% rally in SHIB’s price, propelling it to $0.00002828 within a span of less than 24 hours. This surge in price underscores the significant correlation between Shibarium’s expansion and the performance of the SHIB token.
As of the current moment, SHIB is trading at $0.00002806. Despite experiencing a 37% decline from its peak of $0.00004456 earlier in the month, SHIB has still managed to achieve a noteworthy 193% gain over the past 30 days.
