Shiba Inu’s ecosystem is once again in the spotlight as it experiences a surge in price and Total Value Locked (TVL), thanks to the recent developments around its Shibarium layer. Investors have turned their focus to Shiba Inu following a rebound from its recent dip in value. The significant growth in Shibarium’s TVL is closely linked to the introduction of the DAMN token by the decentralized exchange WoofSwap. This development has sparked interest within the cryptocurrency community, evidencing the success of Shiba Inu’s strategic initiatives.
Shibarium’s Liquidity Achievements
Shibarium’s TVL has soared past the $3.35 million mark, as per DeFi Llama’s records, signifying a triumph for Shiba Inu enthusiasts. The community-driven push to elevate SHIB’s tokenomics is bearing fruit with the launch of the KNIFE and DAMN tokens, alongside the unveiling of new functionalities within Shibarium.
WoofSwap’s introduction of the DAMN token on its decentralized exchange (DEX) built on Shibarium’s Layer 2 has captured the attention of many, leading to a spike in interest and adoption. Following Shiba Inu’s partnership with K9 Finance, the KNINE token, a liquid staking derivative, was also introduced.
Shiba Inu’s marketing leader, LUCIE, has pointed out WoofSwap’s instrumental role in bolstering the meme coin’s ecosystem, especially with the DAMN token’s launch. LUCIE stresses WoofSwap’s impact on increasing Shibarium transactions and enhancing SHIB burns, crucial for the meme coin’s vitality.
Shiba Inu’s Market Performance Analysis
Currently, Shiba Inu’s value has risen by 3.64% in the last 24 hours, with its price at $0.00002811, fostering optimism among the investing community. Its market capitalization stands at $16.5 billion, and its 24-hour trading volume has reached an impressive $1 billion. Notably, SHIB’s burn rate has surged by approximately 250%, a factor considered to be driving the price uptick.