The Shibarium network, a layer-2 blockchain linked to the Shiba Inu ecosystem, has witnessed a significant increase in its Total Value Locked (TVL). The recent launch of the DAMN meme coin on WoofSwap, a decentralized exchange operating on the Shibarium network, has been a major catalyst in driving this growth, according to analysts on X.
The Shibarium network’s TVL, which tracks the total value of assets locked within the network, has soared to a record $3.87 million. Notably, this metric had hovered below the $1 million mark for the most part of the year. However, the trend shifted dramatically with the entry of the DAMN meme coin. Since its introduction on March 18, DAMN has seen an impressive 523% surge in its price within just three days.
WoofSwap, the platform that facilitated DAMN’s launch, has particularly benefited from this development. Its own TVL skyrocketed by 9,292% over the past week, standing at $2.46 million at the time of reporting. This surge in WoofSwap’s TVL contributes significantly to the overall increase in Shibarium’s TVL.
In parallel, there has been growing optimism surrounding Shiba Inu (SHIB). Market experts and analysts, including Increasity, a well-known figure in the crypto community, have set ambitious targets for SHIB’s price in the current bull cycle. Increasity’s forecasts, shared in a recent X post, include SHIB reaching the $0.001 mark. This prediction comes alongside other notable forecasts, such as Bitcoin surpassing $100K, Ethereum reaching $10K, and Binance Coin hitting $1,000.
Lucie, the marketing lead for Shiba Inu, also provided optimistic projections. Despite SHIB currently trading 68.26% below its all-time high (ATH) of $0.00008845 set on October 28, 2022, Lucie envisions a future where SHIB could hit $0.01. Her stance is grounded in the belief that while immediate attainment of this target is unlikely, SHIB will eventually reach these heights, underscoring a long-term view of the market’s evolution.
This recent development in the Shibarium network and the optimistic predictions for SHIB’s price highlight the dynamic and often unpredictable nature of the cryptocurrency market. While these developments and forecasts suggest potential growth, it’s important for investors and market watchers to maintain a balanced perspective, considering both the opportunities and risks inherent in the crypto market.
