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Shibarium, powered by Shiba Inu’s active community, hit a record $8.57 million in TVL before a market downturn reduced it to $4.58 million. Shiba Inu leads staking activity with $3 million, underscoring its dominant role in the ecosystem.
Shibarium Hits $8.57 Million in Total Value Locked
The Shiba Inu (SHIB) layer-2 protocol, Shibarium, has seen an upsurge in activity leading to outstanding progress. Lucie, Shiba Inu's head of marketing, claims that the total value locked (TVL) has reached an unprecedented $8.57 million.
This shows that more and more people are using Shibarium and are actively participating in its community. Users' increasing faith in the ecosystem is also shown by the increasing amount of money they staked.
Lucie expressed her gratitude to the Shibarium family for all of their support to the network. "Thank you, SHIBARIUM FAM," she penned.
Shiba Inu Leads Shibarium Community Contributions
Because members of the community put their money into various initiatives, they have been instrumental in propelling achievement. After reaching the ATH, the figure changes, according to data from DeFiLlama.
As a result of the continuing market flash meltdown, Shibarium's TVL is $4.58 million.
At present, Shiba activities account for $3.06 million of the TVL's overall revenue, according to the numbers. In a distant second and third place, with $875,270 and $497,016 respectively, were WoofSwap and ChewySwap.
Along with MARSWAP and DogSwap, Mint Club V2 and PunkSwap are further donors to the TVL.
Shibarium Wallet Growth Nears 1.9 Million
As more people joined the Shibarium network, the number of active wallet addresses increased dramatically. There has been an increasing amount of activity within the Shiba Inu community, as the wallet addresses were about to surpass the 1.9 million mark, U.Today explains.
The earlier Shibarium ATH registration may have been caused by some of these new wallets staking portion of their assets.
SHIB Price Decline Impacts Shibarium TVL
The precipitous fall from $8.57 million to $4.58 million was, according to market experts, caused by the price of SHIB falling. When the price of Shibarium (SHIB) recovered on the cryptocurrency market earlier this month, the cryptocurrency's value surged to new heights.
The price of SHIB has fallen by 8.03% to $0.00002392 at the time of writing. Shiba Inu is also having trouble reawakening investor interest, which has led to a 9.92% drop in market volume to $1.48 billion.
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