- Shibarium’s TVL breaches $1M, driven by MARSWAP and ChewySwap.
- SHIB experiences a remarkable 97% increase in token burn rates.
- Despite token burns, SHIB’s price sees a modest 33% increase in the last month.
Shibarium, the Layer-2 blockchain, has achieved a significant milestone by surpassing the $1 million Total Value Locked (TVL) mark. This achievement comes on the heels of a remarkable surge in SHIB token burn rates, marking a pivotal moment for the Shiba Inu ecosystem.
Shibarium’s TVL soared to unprecedented heights, hitting a peak of $1.13 million on December 23rd. However, a subsequent 8.98% correction within 24 hours brought the TVL back to $1.03 million. Notably, this surge in TVL was driven by a substantial influx of value from decentralized exchanges, with MARSWAP and ChewySwap contributing approximately $820,000 to Shibarium’s total TVL.
DeFilLama’s on-chain data reveals a compelling narrative of growth for Shibarium throughout December. The daily transaction count on the Layer-2 blockchain surged to an average of 7 million, showcasing a substantial increase from 2.2 million blocks to 177 million transactions. This uptick in activity underscores the growing adoption and resilience of Shibarium, addressing initial concerns since its launch in August.
The Shiba Inu (SHIB) ecosystem’s expansion is further accentuated by a remarkable 97% increase in the token burn rate over the past 7 days. This resulted in the removal of over 17 billion SHIB tokens from circulation, surpassing an impressive 410 trillion SHIB in total. Such aggressive token burning is aimed at reducing the circulating supply, potentially sparking increased demand and, consequently, a price surge.
Despite the significant reduction in circulating supply and the withdrawal of over 8 trillion SHIB tokens, valued at $88 million, from exchanges since November, SHIB’s price has seen a modest 33% increase over the past month. In contrast, other altcoins, such as the Solana-based Bonk Coin, exhibited a substantial 373% surge during the same period amid Bitcoin’s remarkable rally.
Noteworthy crypto analyst Ali Martinez highlights the importance of SHIB staying above the support level of $0.0000103, suggesting a potential target of $0.0000140. As the Shiba Inu ecosystem continues to evolve and adapt, investors eagerly await further developments that could impact SHIB’s price dynamics in the coming weeks.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.