Shiba Inu, a dog-based meme cryptocurrency, recently echoed a sense of bustle across the cryptocurrency landscape. With its price showcasing an upward momentum while writing, coupled with Shiba Inu L2 Shibarium’s scaling of new heights, the meme coin curated waves throughout the broader cryptocurrency market today.

Following substantial price corrections witnessed by Shiba Inu recently, this jump promptly nabbed significant investor attention. Meanwhile, the Shibarium TVL’s colossal rise appears to be primarily attributed to WoofSwap’s recently unveiled DAMN token.

Shibarium TVL Hits Zenith

According to the insights revealed by DeFi Llama, Shibarium’s TVL hit $3.38 million today, coming as a monumental milestone for the Shiba crypto community. Following a plethora of new features introduced to Shibarium, including the launch of KNINE and DAMN tokens, this sudden jump in the Shiba Inu L2’s TVL underscored the community’s successful efforts to jack up SHIB’s tokenomics.

TVL gets updated! #Shibarium$DAMN https://t.co/I6Tfr8VwUx pic.twitter.com/1CTrjNLlbe

— WOOF | ve33 DEX on Shibarium (@woofswap) March 23, 2024

The DAMN token was introduced to Shibarium by WoofSwap, a DEX built atop the L2. Whereas, the KNINE token, a liquid staking derivatives token, births from Shiba Inu’s partnership with K9 Finance.

Additionally, aligning with the revelation of the DAMN token, LUCIE, Shiba Inu’s marketing lead, recently spotlighted vital aid the meme coin’s ecosystem received from WoofSwap. Delving into this, Lucie stressed that WoofSwap’s noteworthy support in spiking Shibarium transactions and Shib burn comes pivotal for the meme coin’s ecosystem.

Meanwhile, the rise in TVL, as mentioned above, showcased a significant increase in the amount of cryptocurrency assets locked within the Shibarium network. This highlighted growing investor interest and participation in Shibarium’s decentralized finance (DeFi) protocols and applications.

Further, SHIB mirrored this spike in investor interest, gaining an upward momentum as of press time.

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Shiba Inu Price Soars

As of writing, the Shiba Inu coin noted a substantial 3.64% upswing in the past 24 hours and is currently trading at $0.00002762. Following a massive slump in recent days, this jump garnered notable optimism.

A remarkable surge noted in the SHIB burn rate over the past 24 hours, roughly 250%, appears to be primarily propelling this price pump. Additionally, Shibarium TVL’s burgeoning activity adds a layer of optimism to SHIB.

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The post Shiba Inu: Shibarium TVL Hits $3.38 Mln Sparking Optimism Amid SHIB Price Rally appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am