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Shiba Inu (SHIB) continued to seek new growth triggers in the market, this time focusing on its decentralized finance (DeFi) ecosystem. When the team launched Shibarium One of the biggest expectations last year was its continued growth to compete with other Layer 2 scaling solutions like Arbitrum.
Although momentum remains relatively slow, Shibarium is finally showing signs that something big is coming in its DeFi world.
Boost to Shibarium DeFi
By According to data from DeFiLlama, 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.
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While this figure may seem low, it represents a significant increase from the previous high of $3.9 million recorded earlier in March. The lower TVL is proof of retail dominance in the Shibarium DeFi world.
The largest decentralized application (DApp) remains Shiba exchangewhich has a locked value of $2.22 million. Besides ShibaSwap, the new K9 Finance DAO ranks second, ahead of older protocols like Woofswap, CherrySwap, and MARSWAP.
The breakout in Shibarium’s latest numbers speaks to a revived sentiment that L2 scaling could 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 price pared its recent gains, falling 3.58% in 24 hours to $0.00001706.
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The coin is always known to rebound after intense declines, and this latest trend could follow previous moves. With the Shiba Inu team always promising updates on the channel, community members believe that SHIB’s usefulness will continue to grow, which will impact the price in the long term.
For now, the focus remains on rebalancing the token after its intense sell-off and reviving metrics such as burn rate.
