What’s Behind Shiba Inu Shibarium’s Impressive 170% TVL Spike?

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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

Shibarium's Total Value Locked
Shibarium’s Total Val­ue Locked. Source: DeFiLla­ma

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

SHIB Holders
Shi­ba Inu Short-Term Hold­ers. Source: IntoThe­Block

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 Con­di­tionsPri­va­cy Pol­i­cy, and Dis­claimers have been updated.

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