Saad Ullah
Shibarium, the Layer 2 blockchain within the Shiba Inu (SHIB) ecosystem, witnessed a remarkable surge in Total Value Locked (TVL), soaring by 170% in just two days.
Shibarium's TVL Surged by 170%
Shibarium, the cornerstone of the SHIB ecosystem, experiences an explosive surge in Total Value Locked (TVL), skyrocketing by approximately 170% in a mere 48 hours. Now boasting a TVL of $3.85 million, Shibarium demonstrates its burgeoning utility and escalating user engagement.
DAMN Coin Sparks Excitement
The recent introduction of the DAMN meme coin on the Woofswap decentralized exchange has ignited fervor within the SHIB community, contributing significantly to Shibarium's meteoric rise. DAMN's unique feature enabling the burning of Bone Shibaswap, Shibarium's native gas token, adds to its allure, drawing attention from both SHIB enthusiasts and the broader crypto sphere.
Lucie's Insights on DAMN
Shiba Inu market analyst Lucie sheds light on DAMN's significance, emphasizing its community-driven ethos. Lucie articulates, "DAMN is all about the people — primarily BONE holders and the Shibarium community. Let's unite and propel forward together."
The Woofswap decentralized exchange emerges as a pivotal player, commanding a substantial 64% of Shibarium's ecosystem activity. Coinciding with this surge, SHIB's price climbs by over 2.45% in the past 24 hours, reaching $0.00002791, reflecting its ecosystem's expansion and investor confidence.
Short-term investors flock to SHIB, accumulating a staggering 64 trillion tokens over the past month. This surge in short-term holdings aligns with SHIB's remarkable growth streak, surpassing 193% in the last month alone.
Conclusion
Despite the positive momentum, the Shiba Inu ecosystem faces an unexpected setback as SHIB's burn rate declined by 52% over the previous week. Approximately 360 million SHIB tokens are withdrawn from circulation, posing new challenges amidst the ecosystem's rapid evolution.
Saad Ullah
