Shiba Inu recently marked another significant event in the cryptocurrency world. Shiba Inu gained upward price momentum as data on Shibarium moved to new peaks. This movement caught the attention of major investors following recent price corrections in Shiba Inu. Meanwhile, the tremendous rise in Shibarium’s TVL seems to be associated with the DAMN token introduced by WoofSwap not long ago.
Shibarium’s TVL Reaches New Peak
According to data provided by DeFi Llama, Shibarium’s TVL today exceeded $3.35 million, representing an incredible milestone for the Shiba community.
Following the launch of KNIFE and DAMN tokens, the rise in Shibarium’s TVL after numerous new features emerged on the Shibarium side demonstrated that the community’s efforts to push SHIB’s tokenomics to new heights were not in vain.
The DAMN token saw significant interest after being introduced by WoofSwap, a DEX built on top of Shibarium’s L2. The KNINE token, a liquid staking derivative token, emerged following Shiba Inu’s partnership with K9 Finance.
On the other hand, LUCIE, known as Shiba Inu’s marketing leader, recently highlighted the vital support provided by WoofSwap to the meme coin’s ecosystem, in line with the launch of the DAMN token.
Speaking on the subject, LUCIE emphasized the significant support of WoofSwap in increasing Shibarium transactions and contributing to SHIB burns, which is critical for the meme coin ecosystem.
Moreover, as mentioned above, the increase in TVL indicated a significant rise in the amount of cryptocurrency assets locked in the Shibarium network. This situation revealed the growing interest of investors in Shibarium’s decentralized finance (DeFi) protocols and applications.
What is the Current Price of Shiba Inu?
At the time of writing, Shiba Inu coin recorded a significant increase of 3.64% in the last 24 hours and is currently trading at $0.00002811. The rise following the declines over the past week has led to optimism among investors.
On the other hand, the market capitalization was realized at $16.5 billion. In the last 24 hours, SHIB’s trading volume reached a full $1 billion. Additionally, there was an approximate 250% increase in SHIB’s burn rate, which is said to have triggered the price increase.
