Shibarium Reaches All-Time High TVL, Indicating Potential Price Surge for Shiba Inu
Shibarium, the layer-2 solution for Shiba Inu, has recently achieved a record-breaking total value locked (TVL) of over $3.67 million. This significant milestone in the Shiba Inu ecosystem suggests a positive outlook and the possibility of a further increase in price.
According to data from DeFiLlama, Shibarium’s TVL soared from $1.43 million on March 22 to $3.38 million on March 23, igniting optimism among SHIB holders.
Shibarium TVL Hits New Milestone
The surge in Shibarium’s total value locked demonstrates the network effect in action. Interestingly, throughout most of the year, Shibarium’s TVL remained below $1 million before surpassing this threshold in late February. Currently, the TVL stands at $3.67 million, indicating a positive shift in the ecosystem.
This recent increase in TVL can be primarily attributed to the launch of DAMN token on WoofSwap, a decentralized exchange built on Shibarium. DAMN quickly gained attention as one of the hottest cryptocurrencies following its launch on March 18.
Data from Shibariumscan reveals that this frenzy led to a surge in daily active users to 2,482 on the day of DAMN’s launch. Additionally, WoofSwap’s TVL has experienced an astounding growth rate of 8,988% over the past seven days.
Another factor contributing to the rise in TVL is the introduction of KNINE tokens, which offer a liquid staking solution on the Shibarium blockchain.
What Lies Ahead for Shiba Inu?
The recent milestones achieved by Shibarium have generated optimism about SHIB’s price, as this cryptocurrency has a track record of responding to updates about the layer-2 network. The growth of Shibarium signifies an increasing user base, which could further boost SHIB’s price.
As a result of Shibarium’s new milestone, SHIB experienced an 8.8% rally in less than 24 hours, reaching $0.00002828. This price surge highlights the close correlation between Shibarium’s growth and the SHIB price.
At the time of writing, SHIB is trading at $0.00002806. Despite a 37% decrease from its earlier value of $0.00004456 this month, SHIB has still achieved a remarkable 193% gain over the past 30 days.
On-chain metrics and investor sentiment indicate the potential for a continued price surge in the near future. Santiment, an on-chain analytics platform, recently noted that Bitcoin, along with SHIB and other meme coins, remained popular among traders over the weekend. Given SHIB’s strong correlation with Bitcoin, it could potentially trigger a surge in tandem with the leading cryptocurrency.
Lucie, Shiba Inu’s marketing lead, suggests that the price of SHIB could surge by 250% before the next Bitcoin halving scheduled for April.
Hot Take: Shibarium Milestone Fuels Optimism for Shiba Inu
Shibarium’s achievement of an all-time high TVL has created excitement and optimism within the Shiba Inu community. This significant milestone indicates a growing ecosystem and suggests the potential for a further increase in SHIB’s price.
With Shibarium attracting more users through initiatives like the launch of DAMN tokens and KNINE tokens, the layer-2 solution is proving its value and utility. The surge in TVL reflects the network effect in action, demonstrating the strong community support for Shiba Inu.
As Shibarium continues to evolve and attract attention, it remains an important development to monitor for SHIB holders and crypto enthusiasts alike. The future holds promise for Shiba Inu as it capitalizes on the opportunities presented by its layer-2 solution.
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