The activity of the Layer 2 protocol Shibarium associated with Shiba Inu (SHIB) has surged, achieving significant development. According to Shiba Inu's marketing director Lucie, the total locked value (TVL) has reached a historic high (ATH) of $8.57 million. The current TVL of Shibarium indicates a continuously increasing adoption rate and growing user engagement. This also highlights the increasing confidence of users as they invest more funds in the ecosystem. Lucie thanked the Shibarium family for their strong support for the network. 'Thank you, SHIBARIUM family,' she wrote.
The community has played an important role in driving success as they invested funds into various projects. DeFiLlama data shows that after reaching ATH, the numbers have changed. Shibarium's TVL is $4.58 million, reflecting the ongoing market flash crash. Data analysis shows that TVL is currently dominated by Shiba activities, totaling $3.06 million. WoofSwap and ChewySwap rank second and third with $875,270 and $497,016 respectively. Other contributors to TVL include MARSWAP, DogSwap, Mint Club V2, and PunkSwap.
Wallet Growth and Market Challenges
According to U.Today, the number of active wallet addresses on Shibarium has surged as more users flock to the network. The wallet address count is nearing the 1.9 million mark, indicating an increasing involvement from the Shiba Inu community. Some of these new wallets may have already invested some funds, leading to the early Shibarium ATH registration.
Market experts attribute the significant drop in SHIB price from $8.57 million to $4.58 million to the decline in SHIB's price. Earlier this month, SHIB rebounded in the cryptocurrency market, with Shibarium soaring to new highs. As of the time of writing, SHIB has dropped 8.03%, trading at $0.00002392. Similarly, market trading volume fell 9.92% to $1.48 billion as Shiba Inu struggled to regain investor interest.