According to data thrown up by DeFiLlama, the Total Value Locked (TVL) on Sibarium has surged past $3.5 million, recording a new all-time high. The layer-2 network Shibarium breached the $1 million threshold in February and remained slightly above the mark. Recently, the metric has witnessed a meteoric rise from $1.43 M to $.3.5 M. It was noticed that the massive spike in TVL is associated with the launch of DAMN meme coin on WoofSwap, a decentralized exchange on the L2 network.