Shiba

Bitcoin

Shibarium, Shiba Inu’s layer-2 solution, recently reached an all-time high total value locked (TVL) of over $3.67 million. As if the current bullish sentiment around the Shiba Inu’s ecosystem isn’t enough, its layer-2 solution has now reached a milestone that could lead to a further price surge.&nbsp; 
According to data from <a href="https://defillama.com/chain/Shibarium" target="_blank" rel="noopener nofollow">DeFiLlama</a>, the total value locked on Shibarium jumped from $1.43 million on March 22 to $3.38 million on March 23, sparking optimism about SHIB’s price. 
<h2 id="b-shibarium-tvl-surges-to-new-milestone-b">Shibarium TVL Surges To New Milestone</h2> 
Shibarium’s total value locked hitting a new high shows the network effect in action. Interestingly, data shows Shibarium’s TVL has spent most of the year below $1 million before crossing over in late February. However, the TVL stands at $3.67 at the time of writing, revealing a positive change in the ecosystem.&nbsp; 
The recent surge in TVL can be particularly attributed to the launch of the DAMN token on WoofSwap, which is a decentralized exchange built on the Shibarium. DAMN quickly gained attention as one of the hottest cryptocurrencies after its launch on March 18. 
According to data from <a href="https://www.shibariumscan.io/stats" target="_blank" rel="noopener nofollow">Shibariumscan</a>, this frenzy led to a surge in the number of daily active users to 2,482 on the day of its launch. Similarly, WoofSwap’s TVL has grown by 8,988% in the past seven days.&nbsp; 
Another catalyst for the surge in TVL was the launch of KNINE tokens, a liquid staking solution on the Shibarium blockchain. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/IdmMEKDj/" width="2475" height="1163"> 
<h2 id="b-what-s-next-for-shiba-inu-b">What’s Next For Shiba Inu?</h2> 
Naturally, Shibarium’s recent milestones have sparked <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-soars-10-in-reaction-to-explosive-2367-shib-burn-surge/" target="_blank" rel="noopener nofollow">optimism about SHIB’s price</a> as the cryptocurrency is well known to react to updates about the layer-2 network. This growth shows that Shibarium is attracting more users, which could boost SHIB’s price.&nbsp; 
Shibarium’s new milestone saw SHIB rallying 8.8% to $0.00002828 in less than 24 hours. This price rally highlights the close correlation between the growth of Shibarium and the SHIB price. 
SHIB is trading at $0.00002806 at the time of writing. The cryptocurrency is in fact, still riding on the back of a 193% gain in the past 30 days <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-short-term-holders/" target="_blank" rel="noopener nofollow">despite being 37% down</a> from its $0.00004456 earlier in the month.&nbsp; 
On-chain metrics and investor sentiment point to a continued price surge in the near future. On-chain analytics platform Santiment recently pointed out that Bitcoin, along with SHIB and other meme coins, remained the focus of traders throughout the weekend. SHIB, which naturally has a <a href="https://app.intotheblock.com/coin/SHIB" target="_blank" rel="noopener nofollow">strong price correlation</a> with Bitcoin, could <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-market-cap-price-surgeretesting-2021-highs/" target="_blank" rel="noopener nofollow">reignite a surge in tandem</a>. 
According to Lucie, Shiba Inu’s marketing lead, the price of SHIB could <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-rise-250-pre-bitcoin-halving/" target="_blank" rel="noopener nofollow">surge by 250%</a> before the <a href="https://bitcoinist.com/why-bitcoin-halving-could-bring-uncertainty-to-mining-industry/" target="_blank" rel="noopener ">next Bitcoin halving</a> which is slated to occur in April. 
Featured image from Pexels, chart from TradingView

Shiba Inu’s Shibarium Hits New Record Amid Chaotic Market Movements

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