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Shiba Inu layer 2 scaling solution, Shibarium, has broken past previous records by reaching an unprecedented Total Value Locked (TVL), marking a new all-time high for the network.
Shibarium TVL Hits New Milestone
Shiba Inu, a meme coin originally created in jest, has been rapidly evolving into a robust ecosystem, with the development and success of its Shibarium blockchain further solidifying its position in the crypto space. Recently, Shibarium has been witnessing remarkable growth, achieving a great milestone by hitting a new record in TVL.
According to data released by DefiLama, a crypto information and research platform, on Tuesday, March 5, the TVL on the Shibarium network surged to a new record high of about $2.25 million. This achievement has been attributed to the surging demand and attention to the innovative project, along with an increased adoption resulting in capital injection into the Shibarium network.
Currently, Shibarium’s TVL spike represents more than a 60% increase in its previous record of 15% in 2023. Additionally, following Shibarium’s surge to $2.25 million, the network subsequently experienced a significant decline, pushing its TVL below the $2 million threshold, to settle at $1.79 million.
Shibarium’s rise in TVL to new all-time highs stands as a remarkable achievement, driven by the network’s soaring demand and robust community. Additionally, the adoption rate of the Shibarium network has been rapidly increasing, with the network recording over $1.3 million active wallet addresses.
The layer 2 blockchain has also documented a significant amount of transactions, achieving a total of more than 400 million transactions across 1.36 million addresses. These developments underscore the expanding interest and potential of Shibarium, solidifying its position as a dynamic network in the crypto space.
SHIB To Lead Meme Coin Season
The crypto space has been recently dominated by the success of meme coins, with SHIB standing among the leading cryptocurrencies experiencing mega gains in the market. SHIB’s unexpected rise effectively reflects the underlying fascination of meme coins as investors are drawn to these relatively low-value cryptocurrencies, attracted by the prospects of generating sbstantial profits.
Presently, the broader cryptocurrency community seems to believe that the meme coin season is imminent, anticipated to unfold as Bitcoin’s dominance diminishes. In light of this, SHIB’s potential to lead this bullish season is marked by its impressive price movements and recent bullish rallies.
On March 5, the cryptocurrency witnessed an over 350% surge in its overall market capitalization, resulting in a 72% profitability at the time.
Despite a subsequent retracement that erased a significant portion of its gains, the cryptocurrency remains on a strong bullish trajectory, holding a position among the top 10 cryptocurrencies with the largest market capitalization in the industry.
SHIB bulls reclaim control after dip | Source: SHIBUSDT on Tradingview.com
Featured image from Bitpanda, chart from Tradingview.com
