Shibarium, a robust layer 2 network within the Shiba Inu ecosystem, has recently achieved a remarkable milestone. The total value locked (TVL) in the Shiba Inu Tier 2 solution has reached an all-time high of $3.87 million. This surge in TVL can be attributed to the launch of the Sol Killer meme cryptocurrency (DAMN) on WoofSwap, a decentralized exchange operating on Shibarium. Within just three days of its introduction on March 18, DAMN experienced a price increase of over 523%.
This recent development is significant considering that for most of this year, the TVL of the Shibarium network had fallen below $1 million. Several factors have contributed to the accelerated growth of the layer 2 network’s TVL in the Shiba Inu ecosystem, including the successful launch of DAMN and the overall recovery of the cryptocurrency market.
DAMN has garnered significant attention not only from the Shiba Inu community but also from the wider crypto community. One distinguishing feature of this new memecoin is its ability to burn Shibarium’s native gas token, Bone Shibaswap.
As of now, the price of Shiba Inu (SHIB) stands at $0.00002958, reflecting a 5.7% increase in the last 24 hours. In the same period, the second-largest meme cryptocurrency in the market has seen a trading volume of $1,154,402,340. Over the past week, the Shiba Inu memecoin has experienced a notable price surge, rising by 8.1%.
March has undoubtedly been a special month for the cryptocurrency market, with several cryptoassets witnessing impressive price hikes amidst expectations of growth and positive sentiment within the community. Memecoins, in particular, have experienced a rally, with significant price explosions.
Disclaimer: The views and opinions expressed in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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