The TVL of the Shiba Inu L2 reaches new heights today.
After the debut of the KNINE & DAMN token, shibarium surged.
Shiba Inu costs increase.
The dog-based cryptocurrency Shiba Inu recently echoed a sense of hustle throughout the cryptocurrency scene. As the price of Shiba Inu L2 Shibarium continued to rise and the cryptocurrency reached new heights, the meme coin created ripples in the larger cryptocurrency market of today.
This spike quickly attracted much attention from investors after the recent large price corrections that Shiba Inu witnessed. Meanwhile, WoofSwap’s freshly revealed DAMN token seems to be the main reason for the Shibarium TVL’s phenomenal surge.
TVL Shibarium Reaches Zenith
DeFi Llama’s findings indicate that Shibarium’s TVL reached $3.38 million today, representing a significant milestone for the Shiba cryptocurrency community. This abrupt increase in the TVL of the Shiba Inu L2 highlighted the community’s effective attempts to boost SHIB’s tokenomics, which came after a slew of new features were added to Shibarium, such as the introduction of the KNINE and DAMN tokens.
TVL gets updated! #Shibarium$DAMN 🚀🚀🚀https://t.co/I6Tfr8VwUx pic.twitter.com/1CTrjNLlbe
— WOOF | ve33 DEX on Shibarium🎀 (@woofswap) March 23, 2024
The DEX WoofSwap, which is built on top of the L2, brought the DAMN token to Shibarium. In contrast, Shiba Inu’s collaboration with K9 Finance gives rise to the KNINE token, a liquid staking derivatives token.
Furthermore, in keeping with the announcement of the DAMN token, LUCIE, the marketing lead for Shiba Inu, recently highlighted the crucial support WoofSwap provided to the meme coin’s ecosystem. Examining this further, Lucie emphasized how important WoofSwap’s notable assistance in increasing Shibarium transactions and Shib burn is to the meme coin’s ecology.
In the meantime, the previously noted increase in TVL demonstrated a notable surge in the number of cryptocurrency assets locked within the Shibarium network. This showed how investor interest in and involvement in Shibarium’s decentralized finance (DeFi) apps and protocols has grown.
Additionally, SHIB continued to rise as of publication, mirroring this surge in investor interest.
Shiba Inu Cost Rises
When writing, the Shiba Inu coin was trading at $0.00002762, with a significant surge of 3.64% the previous day. After a sharp decline during the last few days, this increase generated considerable hope.
The primary driver of this price pump is a notable 250% increase in the SHIB burn rate over the last 24 hours. Furthermore, the increasing activities of Shibarium TVL give SHIB more hope.
