This Metric Indicates Shibarium Is Growing Rapidly Following Its Public Launch
August 31 2023 - 7:00AM
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Shibarium has only been live for a few days but is already showing
early signs of success. The Ethereum layer-2 scaling solution,
which hopes to provide lower gas fees and faster transaction times
for the Shiba Inu community, has seen some impressive growth
numbers in terms of Total Value Locked (TVL). TVL Crosses
$1.4 Million Since Shibarium launched its mainnet, the total value
deposited in the network has skyrocketed. The TVL recently crossed
$1.4 million, indicating strong interest in the new chain.
Related Reading: Shiba Inu Community Celebrates New Milestone One
Day After Shibarium Goes Public Data from DeFi TVL aggregator
DeFiLlama shows that the total TVL in Shibarium has grown to $1.42
million in the past two days. While this amount is small when
compared to the total DeFi TVL of $38.731 billion, the rapid growth
demonstrates the potential that Shibarium possesses. A look
through DeFiLlama shows that Shibarium currently has seven
protocols. The DEX DogSwap with a TVL of $794,582 accounts for most
of the total TVL. Other protocols on the chain are MARSWAP, Woof
Finance, WoofSwap, Shibex, LeetSwap, BoneDex, and yield farm
ChocoInu. TVL rises above $1.4 million | Source: DeFiLlama
Shibarium’s growth piggybacks on the vast community Shiba Inu has
gathered in the past few years. But the network did witness some
hiccups before its launch, as PeckShield reported that a total of
$1.7 million was stuck on the bridge. Just hours after its
launch, the network witnessed a flurry of user traffic, causing it
to be temporarily shut down. However, this has been resolved as
Shibarium developer Kaal Dhairya explained this was a fail-safe to
ensure the safety of the funds. As of the time of writing, block
explorer Shibariumscan shows that there have been a total of
599,554 transactions from 444,134 wallets averaging a daily
transaction count of 68,402. Will Shibarium Translate To A
Higher Price For SHIB? SHIB’s price has always reacted positively
to Shibarium developments. Prior to its launch, the Shiba Inu
ecosystem witnessed massive withdrawals from exchanges as many
investors opted for self-custody in hopes of what the Shibarium
launch might bring. SHIB also saw a jump in price after lead
developer Shytoshi Kusama teased Shibarium’s launch on a social
media post. Related Reading: GBTC Shares See Volumes Climb To
2-Year High Amid Grayscale’s Victory Lap It would appear, however,
that the launch of Shibarium hasn’t really translated into a price
spike for SHIB. At the time of writing, the token is trading at
$0.000008178 and is down by 1.28% and 1.73% in the past 24 hours
and seven days respectively. With the recent slump in crypto
markets, Shibarium’s early success is a bright spot. This early
success of Shibarium could potentially boost the price of Shiba
Inu. As investors see the rapid growth in total value locked (TVL)
on Shibarium, interest in the supporting SHIB token may increase.
SHIB price holding steady above $0.000008 | Source: SHIBUSD on
Tradingview.com Featured image from, Analytics Insight chart from
Tradingview.com
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