The popular meme-inspired cryptocurrency Shiba Inu (SHIB) is riding the wave of the bull market. Not only is SHIB seeing gains on its price chart with its quotes up 17% this month, it is also only five days into December, but it has already reached an all-time high for Shibarium.
For those who do not know, there is a full-fledged layer-2 blockchain built for Shiba Inu by a team of independent developers, and it recently hit a milestone of $10.47 million in total locked value. Shibarium’s momentum has been building steadily, with a particular acceleration born on Nov. 4, when the main metric for each blockchain skyrocketed 80.8% in just one month from that day.
A bigger picture shows even more inspiring growth as, since the end of September, Shibarium has multiplied its total locked value by 851%, starting from a mere $1.23 million. The robust performance of the Shiba Inu blockchain is also reflected in its on-chain performance. In one month, the number of accounts increased by over 13.27% to 208,530. The number of transactions increased even more by 29.79%, reaching 603.74 million.
Digging deeper into the TVL of Shibarium, it has become known that the most dominant app on the blockchain is ShibaSwap, with $4.02 million, according to DefiLlama. In the last month, this figure has grown by 94.1%, which also makes it one of the fastest growing applications on Shibarium.
Currently, Shibarium stands as the 105th largest chain, so the sky’s the limit. With the Shiba Inu token commanding a market cap of $18.49 billion, making it the 12th largest cryptocurrency, there is still a lot of “gunpowder” to be injected into the broader SHIB ecosystem.
