The post Shibarium TVL surges: Impact on Shiba Inu’s burn rate, SHIB’s price appeared on BitcoinEthereumNews.com.

Shibarium hit milestones in TVL and block production recently. SHIB showed bullish signs as the burn rate picked up. Shibarium has recently made headlines by surpassing 8 million blocks, coupled with a significant spike in Total Value Locked (TVL). As Shiba Inu [SHIB] enthusiasts celebrate this milestone, the relationship between TVL, token burns, and price trends becomes a key point of analysis. Could the surge in TVL drive further price recovery for SHIB, or is the burn rate insufficient to impact market sentiment? Shibarium TVL sets new records Shibarium’s TVL has experienced a substantial uptick, moving closer to $5 million, as per data from DeFiLlama. As of this writing, the TVL was $4.72 million, its highest in history. This increase reflected rising investor confidence and expanding use cases within the Shiba Inu ecosystem. Historically, higher TVL correlates with improved liquidity and network activity, providing a positive backdrop for token valuation. Source: DefiLlama Comparing the growth trajectory, the Shiba Inu Layer 2 (L2) surpassed previous benchmarks earlier this year, signaling enhanced network adoption. The influx of liquidity coincided with increasing transaction volumes. Additionally, AMBCrypto’s analysis of the network data revealed a significant surge in active accounts, climbing from 2,284 to 12,041—a 427% increase. This growth was driven by the increase in new accounts, with analysis showing a growth from 104 to 5,083, representing over 4,000% growth rate. Shiba Inu’s burn rate shows progress The Shiba Inu burn mechanism, an integral ecosystem component, aims to reduce token supply and increase scarcity. Data from Shibburn indicated that over 1 billion tokens were burned in the past month. Also, in the last 24 hours, over 171 million had been burned, representing an over 4,000% increase.  However, while the burn rate has shown incremental growth, it needs to match the scale of SHIB’s circulating supply.…

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Filed under: News - @ November 24, 2024 4:07 am