Shibarium TVL Sets New High, SHIB Price Fails to Follow Suit

Is Shiba Inu’s price ready to catch up to Shibarium’s new record in total value locked?

by Tadas Klimasevskis. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: March 25, 2024 │ 8:35 PM GMT

Tiny Shiba inu training on a cloud to get his black belt in karate. — *Created by Kornelija Poderskytė from DailyCoin*

WoofSwap contributes $2.34M to Shibarium’s on-chain liquidity.
SHIB fetches 5.7% gains, gearing up to retest the $0.00003 range.
SHIB faces a resistance wall due to a hefty selling demand on Spot.

Shiba Inu’s Ecosystem is thriving, and a new milestone is on the horizon for Shibarium. The Layer-2 scaling solution received a massive liquidity injection on March 23, 2024, when WoofSwap joined the Layer-2 blockchain. The freshly emerged decentralized exchange (DEX) on Shibarium L2 now dominates 65% of Shibarium’s on-chain liquidity, according to DefiLlama.

As per @DefiLlama #Shibarium just reached $3.71M TVL (so far it’s ATH) with @woofswap bringing $2.34M TVL alone.
This is still very early. Imagine really big projects coming in. We need that. #keepbuilding #Shibarmystrong https://t.co/jA4usa4aDD pic.twitter.com/FO0UrfBbhc

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— Jolt (@Jolt_yourday) March 23, 2024

It’s worth noting that Shibarium’s total value locked (TVL) has been below $1 million for the most part since the chain’s inception in August 2023. However, Shibarium’s developing team has announced plans to onboard 1,000 new DeFi projects, which would dramatically boost Shibarium’s on-chain liquidity.

SHIB’s Price to Catch Up with New Achievements?

While the all-time peak in TVL was recorded on March 23, 2024, Shiba Inu’s price movement remained stagnant until Monday, March 25, 2024. While SHIB couldn’t conquer the $0.000028 resistance levels on Saturday, SHIB Army’s favorite cryptocurrency managed to push through the price barrier in the early hours of Monday. Claiming daily heights of $0.00002969, SHIB gained 5.7% over the past 24 hours.

gm gm 😎
— Shib (@Shibtoken) March 25, 2024

The long-lasting bullish momentum for SHIB took off after the coin jumped to new yearly heights of $0.000044 on March 15, 2024. However, SHIB saw a sizable retracement due to crypto bulls’ lack of conviction. The gradual market correction slimmed SHIB’s monthly gains to 200%, while the profits nearly tripled at the highest point of the run.

Shiba Inu Sees $20M Sell Pressure on the Way Up

While Shiba Inu’s Layer-2 blockchain claimed a new milestone in TVL, SHIB custodians are pointing their fingers at the huge distance from Shiba Inu’s all-time high in market value. Attained on October 28, 2021, the $0.00008616 price range is still 66% away, as SHIB got rejected at the $0.00003 resistance cluster today.

Chart of combined order liquidity. — *Combined order liquidity pushes the scales towards sell pressure on SHIB*

The struggle is depicted in Shiba Inu’s Spot market combined liquidity book, with the pending sells outscoring pending buys by slightly above $20 million, according to real-time data by blockchain research platform CoinPaprika.

At press time, SHIB is exchanging hands at $0.00002922, according to CoinGecko. With a 205% upswing since last month, SHIB remains one of the top large-cap performers in the alternative crypto markets this quarter.

On the Flipside

The rapid TVL surge on Shibarium L2 is mainly due to DAMN, a new memecoin released by WoofSwap.
A play on Solana’s hat-wearing WIF, DAMN soared 525% in three days since its launch on Shibarium.
Meanwhile, WoofSwap grew by nearly 5000% in a week to comfortably boost Shibarium’s liquidity.

Why This Matters

Shiba Inu’s quest for a decentralized ecosystem beyond its initial memecoin status attracts a huge and vibrant community of crypto aficionados and dog lovers.