In a recent analysis by DefilLama, Shiba Inu, a cryptocurrency that has previously been categorized by many as a meme coin, has demonstrated significant market resilience and growth, particularly in its layer-2 network, Shibarium. The total value locked (TVL) in Shibarium soared to an all-time high of $2.25 million on March 5, 2024, marking a noteworthy surge in usage and investment.
This growth, however, experienced a temporary setback as the TVL and Shiba Inu’s price faced a downturn. Amidst these fluctuations, Forbes has recognized Shiba Inu as a worthy investment, highlighting its potential amidst a bullish market.
Shibarium, Shiba Inu’s layer-2 network, initially caught attention with a 60% increase in its TVL, peaking at $2.25 million. This peak coincided with a significant price rally of Shiba Inu, reaching above $0.000045, the highest in 27 months. The platform hosts a variety of decentralized exchanges, with Marswap and Chewyswap leading in terms of TVL. Despite a recent pullback to $1.75 million in TVL following a price correction of SHIB, the network’s performance underscores the growing interest and investment in Shiba Inu’s ecosystem.
Adding to Shiba Inu’s noteworthy achievements, Forbes has included the digital asset in its list of top 10 cryptocurrencies for investment in March 2024. This endorsement comes at a time when Shiba Inu has not only seen a remarkable price increase but also a significant boost in its market capitalization, reaching $24.4 billion. Forbes’ acknowledgment reflects a shift in perception towards Shiba Inu, from a meme-inspired novelty to a digital asset with potential for substantial returns.
As of the latest data, Shiba Inu trades at $0.00003409, with a slight 24-hour dip yet maintaining a 31.28% increase over the past week. The cryptocurrency’s market cap stands at over $20 billion, underlining its strong presence in the digital asset space. This resilience and growth, coupled with strategic developments in its underlying technology, suggest a robust outlook for Shiba Inu.
