Shibarium TVL Surges to $3.38 Mln Amid SHIB Price Rally

Shiba Inu has recently seen a surge particularly with the development of Shibarium and the introduction of new token like KNINE.

The cryptocurrency known as Shiba Inu, based on a dog-based meme, recently reflected a sense of bustle across the landscape of cryptocurrencies.

Because its price has been demonstrating upward momentum while this article is being written, as well as the fact that Shiba Inu L2 Shibarium has scaled new heights, the meme coin has created waves throughout the broader cryptocurrency market today.

Immediately after the previous major price corrections that Shiba Inu had, this spike immediately attracted a significant amount of interest from different investors.

In the meantime, it would appear that the woofswap DAMN token, which was just recently introduced, is primarily responsible for the enormous rise of the Shibarium TVL.

Shibarium TVL Hits New Height

According to the information that DeFi Llama disclosed Shibarium’s TVL reached $3.38 million today, which is a significant achievement for the Shiba cryptocurrency community.

Following the introduction of a multitude of new features to Shibarium, such as the debut of KNINE and DAMN tokens, this dramatic increase in the TVL of the Shiba Inu L2 highlighted the community’s practical efforts to increase the tokenomics of SHIB.

WoofSwap, a decentralized exchange that was developed on top of L2, was the one that took Shibarium’s DAMN coin. In contrast, Shiba Inu’s collaboration with K9 Finance created the KNINE token, a liquid staking derivatives token.

In addition, in conjunction with the disclosure of the DAMN token, LUCIE, the marketing lead for Shiba Inu, recently brought attention to the significant assistance that WoofSwap provided to the ecology of the meme coin.

As she dug deeper into this topic, Lucie emphasized that WoofSwap’s considerable support in boosting Shibarium transactions and Shib burn is vital for the ecosystem of the meme coin.

Meanwhile, the previously mentioned rise in TVL indicated a significant increase in the number of cryptocurrency assets locked within the Shibarium network.

This brought to light the increasing interest and participation of investors in the decentralized finance (DeFi) protocols and applications developed by Shibarium.

In addition, SHIB has mirrored this surge in investor interest, and as of the time of this publication, it has been gaining upward momentum.

At the time of this writing, the Shiba Inu currency has had a significant increase of 3.64% over the previous 24 hours and is currently trading at $0.00002762.

In the wake of a substantial decline over the past few days, this increase attracted a great deal of confidence. A stunning increase of approximately 250% in the SHIB burn rate over the past 24 hours appears to be the primary driver of this price pump.

The growing activity of Shibarium TVL is another factor contributing to the rising optimism around SHIB.