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The Shiba Inu community is buoyed as Shibarium, the meme coin's Layer 2 solution, reaches a Total Value Locked (TVL) of $3.38 million, signaling growing investor confidence amidst a notable SHIB price rally. This uptick in TVL, spurred by the launch of new tokens and features, marks a significant momentum shift for the cryptocurrency.
Shibarium's TVL Soars with New DAMN Token Launch, Boosting Shiba Inu's Market Presence
In a recent report by CoinGape, Shiba Inu, a dog-based meme cryptocurrency, recently echoed a sense of activity in the cryptocurrency landscape. With its price rising while writing and Shiba Inu L2 Shibarium reaching new heights, the meme coin has made waves in today's broader cryptocurrency market.
This jump drew considerable investor attention following recent price corrections in Shiba Inu. Meanwhile, the Shibarium TVL's meteoric rise appears to be primarily due to WoofSwap's newly launched DAMN token.
Shibarium's TVL Hits $3.38 Million, Propelling SHIB's Tokenomics with New Token Launches
According to DeFi Llama's insights, Shibarium's TVL reached $3.38 million today, marking a significant milestone for the Shiba crypto community. Following the introduction of a slew of new features to Shibarium, including the launch of KNINE and DAMN tokens, the sudden increase in the Shiba Inu L2's TVL demonstrated the community's successful efforts to boost SHIB's tokenomics
The DAMN token was introduced to Shibarium by WoofSwap, a DEX based on the L2. Shiba Inu's partnership with K9 Finance created the KNINE token, a liquid staking derivatives token.
Additionally, in conjunction with the announcement of the DAMN token, LUCIE, Shiba Inu's marketing lead, recently highlighted critical assistance the meme coin's ecosystem received from WoofSwap. Lucie emphasized that WoofSwap's significant support in increasing Shibarium transactions and Shib burn is crucial for the meme coin's ecosystem.
Meanwhile, as previously stated, the rise in TVL demonstrated a significant increase in the amount of cryptocurrency assets locked within the Shibarium network. This shows the growing investor interest and participation in Shibarium's decentralized finance (DeFi) protocols and applications.
Furthermore, SHIB has mirrored this surge in investor interest, with an upward trend as of press time.
According to a source, the Shiba Inu coin has increased 3.64% in the last 24 hours and is now trading at $0.00002762. This jump has sparked significant optimism following a massive drop in recent days.
This price increase is driven by a remarkable 250% surge in the SHIB burn rate over the last 24 hours. Furthermore, Shibarium TVL's burgeoning activity lends optimism to SHIB.
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