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Shiba Inu

Shiba Inu’s Shibarium Shatters New Record Amid Elevated Demand

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu layer 2 scaling solution, Shibarium, has broken past previous records by reaching an unprecedented Total Value Locked (TVL), marking a new all-time high for the network. 

Shibarium TVL Hits New Milestone

Shiba Inu, a meme coin originally created in jest, has been rapidly evolving into a robust ecosystem, with the development and success of its Shibarium blockchain further solidifying its position in the crypto space. Recently, Shibarium has been witnessing remarkable growth, achieving a great milestone by hitting a new record in TVL.

Related Reading: Bitcoin Bull Market Just Starting: Analyst Sounds Warning Of ‘Huge Bubble’

According to data released by DefiLama, a crypto information and research platform, on Tuesday, March 5, the TVL on the Shibarium network surged to a new record high of about $2.25 million. This achievement has been attributed to the surging demand and attention to the innovative project, along with an increased adoption resulting in capital injection into the Shibarium network.

Currently, Shibarium’s TVL spike represents more than a 60% increase in its previous record of 15% in 2023. Additionally, following Shibarium’s surge to $2.25 million, the network subsequently experienced a significant decline, pushing its TVL below the $2 million threshold, to settle at $1.79 million. 

Shibarium’s rise in TVL to new all-time highs stands as a remarkable achievement, driven by the network’s soaring demand and robust community. Additionally, the adoption rate of the Shibarium network has been rapidly increasing, with the network recording over $1.3 million active wallet addresses. 

The layer 2 blockchain has also documented a significant amount of transactions, achieving a total of more than 400 million transactions across 1.36 million addresses. These developments underscore the expanding interest and potential of Shibarium, solidifying its position as a dynamic network in the crypto space. 

SHIB To Lead Meme Coin Season

The crypto space has been recently dominated by the success of meme coins, with SHIB standing among the leading cryptocurrencies experiencing mega gains in the market. SHIB’s unexpected rise effectively reflects the underlying fascination of meme coins as investors are drawn to these relatively low-value cryptocurrencies, attracted by the prospects of generating sbstantial profits. 

Related Reading: Dogecoin Influencer Shares Alarming Update About Crypto Held On Exchanges

Presently, the broader cryptocurrency community seems to believe that the meme coin season is imminent, anticipated to unfold as Bitcoin’s dominance diminishes. In light of this, SHIB’s potential to lead this bullish season is marked by its impressive price movements and recent bullish rallies. 

On March 5, the cryptocurrency witnessed an over 350% surge in its overall market capitalization, resulting in a 72% profitability at the time. 

Despite a subsequent retracement that erased a significant portion of its gains, the cryptocurrency remains on a strong bullish trajectory, holding a position among the top 10 cryptocurrencies with the largest market capitalization in the industry.  

Shiba Inu price chart from Tradingview.com (Shibarium)

SHIB bulls reclaim control after dip | Source: SHIBUSDT on Tradingview.com
Featured image from Bitpanda, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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