Shibarium, the layer-2 protocol associated with Shiba Inu (SHIB), has witnessed a spike in activities resulting in remarkable development.According to Lucie, the marketing lead at Shiba Inu, the total value locked (TVL) has hit an all-time high (ATH) of $8.57 million.
Shibarium's current TVL
This signals the growing adoption of Shibarium and increased user engagement. It also highlights the growing confidence among users as they staked more funds in the ecosystem.
Lucie appreciated the Shibarium family for the massive support they have given to the network. “Thank you, SHIBARIUM FAM,” she wrote.
#Shibarium TVL ATH$8.57mThank you SHIBARIUM FAM$BONE $SHIB $LEASH pic.twitter.com/To6gkk0H2m
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) November 25, 2024
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The community has played a significant role in driving success as they staked their funds in different projects. Data from DeFiLlama show a change in the figure after hitting the ATH.
The TVL for Shibarium stands at $4.58 million, reflecting the ongoing market flash crash.
An analysis of the figures reveals that the TVL is currently dominated by Shiba activities, which total $3.06 million. WoofSwap and ChewySwap followed a distant second and third, with $875,270 and $497,016, respectively.
Other contributors to the TVL include MARSWAP, DogSwap, Mint Club V2 and PunkSwap.
Wallet growth and market challenges
Asreported by U.Today, Shibarium saw a surge in active wallet addresses as more users flocked to the network. The wallet addresses were on the verge of crossing the 1.9 million milestone, indicating the growing engagement within the Shiba Inu community.
Some of these new wallets might have contributed to staking part of their funds, leading to the earlier Shibarium ATH registration.
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Market experts have attributed the sharp drop from $8.57 million to $4.58 million to a decline in the price of SHIB. Earlier this month, Shibarium soared to new levels when the price of SHIB rebounded on the crypto market.
As of this writing, SHIB has dropped by 8.03% to trade at $0.00002392. Similarly, market volume has dipped by 9.92% to $1.48 billion as Shiba Inu struggles to rekindle investors’ interest.
