What’s Behind Shiba Inu Shibarium’s Impressive 170% TVL Spike?
Shibarium, the Layer 2 blockchain within the Shiba Inu (SHIB) ecosystem, has reached noteworthy milestones, indicative of its growing utility and adoption.
On-chain data shows a remarkable surge in the total value of assets locked (TVL) on Shibarium, marking an increase of approximately 170% within the last two days. The value now stands at $3.85 million, underlining the platform’s expanding utility and user engagement.
Shibarium’s TVL Surged by 170%
Shibarium’s TVL surge can be attributed to the rollout of new features within the ecosystem. Notably, the recent introduction of the DAMN meme coin on the Woofswap decentralized exchange has added to excitement revolving around meme coins across various blockchains.
Among them, DAMN emerges as a notable contender, garnering significant attention from the Shib army and the broader crypto community. What sets DAMN apart is its feature enabling the burning of Bone Shibaswap, Shibarium’s native gas token, enhancing its appeal.
Shiba Inu market analyst Lucie explained that DAMN was “about the people — primarily BONE holders and the Shibarium community.”
“We’re not spending on marketing; it’s a collective effort to spotlight our ecosystem. A little effort from each one of us can lead to great achievements. Let’s unite and propel forward together,” Lucie said.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Interestingly, DAMN’s price has been on an uptrend since its debut, resulting in significant trading activity on the Woofswap decentralized exchange, which inadvertently impacted Shibarium’s TVL. The DEX currently commands approximately 64% of Shibarium’s total ecosystem activity.
Shiba Inu (SHIB) Price Increases
Recent market data illustrates the Shiba Inu meme coin’s ongoing ascent, coinciding with its ecosystem’s expansion. According to BeInCrypto data, SHIB’s price has surged by over 2.45% within the last 24 hours, reaching $0.00002791. This upward trajectory extends a remarkable growth streak, surpassing 193% in the past month.
Notably, this surge aligns with a surge in short-term investors acquiring SHIB. This class of investors accumulated 64 trillion tokens over the last 30 days, according to analysts at IntoTheBlock.
“Shiba Inu traders with holdings spanning less than a month have seen a remarkable surge, marking a 278% increase in the last 30 days,” IntoTheBlock’s content creator Slim Daddy said.
Read more: Shiba Inu (SHIB) Price Prediction 2024 / 2025 / 2030
However, despite this positive momentum, the Shiba Inu ecosystem experienced an unexpected decline in SHIB’s burn rate. Over the previous week, the meme coin’s burn rate dropped by 52%, marked by approximately 360 million SHIB tokens being withdrawn from circulation.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
