u.today
Shiba Inu (SHIB) has continued to pursue new growth triggers on the market, this time focusing on its Decentralized Finance (DeFi) ecosystem. When the team launched Shibarium last year, one of the key expectations hinged on its sustained growth to compete with other layer-2 scaling solutions like Arbitrum.
Though the momentum remains relatively slow, Shibarium is finally showing signs that something big is ahead in its DeFi world.
Shibarium DeFi boost
Per data from DeFiLlama, the Shibarium DeFi currently has a total value locked (TVL) of $4.37 million. This comes after this metric crossed the all-time high (ATH) of $4.81 million.
While this figure might appear small, it marks a significant boost from the previous high of $3.9 million recorded earlier in March. The lower TVL is evidence of retail domination in the Shibarium DeFi world.
The biggest decentralized application (DApp) remains ShibaSwap, which has a $2.22 million locked value. Besides ShibaSwap, the newly launched K9 Finance DAO ranks second, above older protocols like Woofswap, CherrySwap and MARSWAP.
The breakout in the latest Shibarium figures is evidence of revived sentiment that the L2 scaling solution might become the dominant solution in the future.
Impact on Shiba Inu
Shiba Inu has remained in a strong consolidation phase, with its price trading in a tight range over the past month. Despite the actions of market whales, SHIB's price has pared off recent gains, dropping by 3.58% in 24 hours to $0.00001706.
The coin is always known to rebound after intense drawdowns, and this latest trend might follow previous moves. With the Shiba Inu team always promising updates on the chain, community members believe SHIB’s utility will continue to grow, impacting the price in the long term.
For now, the focus remains on rebalancing the token from its intense sell-off and reviving metrics like the burn rate again.