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Shibarium, the Layer 2 protocol associated with Shiba Inu (SHIB), has seen a spike in activities leading to remarkable development. According to Lucie, Marketing Manager at Shiba Inu, the total value locked (TVL) reached an all-time high (ATH) of $8.57 million.
Current TVL of Shibarium
This speaks to the growing adoption of Shibarium and increased user engagement. This also highlights the growing trust of users as they invest more funds into the ecosystem.
Lucie appreciated the Shibarium family for the overwhelming support they have given to the network. “Thank you, SHIBARIUM FAM,” she wrote.
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The community played an important role in the success by investing its funds in different projects. Data from DeFiLlama shows a change in the figure after hitting the ATH.
The TVL for Shibarium stands at $4.58 million, reflecting the ongoing market flash crash.
Analyzing the numbers reveals that TVL is currently dominated by Shiba business, which totals $3.06 million. WoofSwap and ChewySwap follow far behind in second and third, with $875,270 and $497,016, respectively.
Other contributors to the TVL include MARSWAP, DogSwap, Mint Club V2 and PunkSwap.
Portfolio Growth and Market Challenges
As reported by U.Today, Shibarium saw an increase in active wallet addresses as more users flocked to the network. Wallet addresses were close to crossing the 1.9 million milestone, indicating the growing engagement within the Shiba Inu community.
Some of these new wallets may have helped stake some of their funds, leading to the earlier registration of the Shibarium ATH.
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Market experts attributed the sharp drop from $8.57 million to $4.58 million to the drop in SHIB price. Earlier this month, Shibarium reached new levels when the price of SHIB rebounded in the crypto market.
At the time of writing, SHIB fell 8.03% to trade at $0.00002392. Likewise, market volume fell 9.92% to $1.48 billion as Shiba Inu struggles to revive investor interest.
