Shiba Inu – Shibarium’s TVL spike to $4M is a sign of…

• Shibarium’s TVL has risen to over $4 million
• SHIB also breached the $0.00002 price level at press time

Shiba Inu’s Shibarium network has seen a remarkable hike in Total Value Locked (TVL) over the past 24 hours, setting a new record. Alongside this growth, the number of new and active accounts on the platform has risen notably too, contributing to heightened activity.

Shiba Inu’s Shibarium TVL spikes to new highs

According to data from DefiLlama, Shibarium’s TVL soared from approximately $1.4 million to over $4 million in the last 24 hours. While there was a previous hike to about $3.8 million in March, this marks the first time Shibarium has surpassed the $4 million threshold.

Source: DefiLlama

An increase in TVL can occur for several reasons. Sometimes, it reflects the appreciation in the value of locked assets. If the platform holds assets that have recently surged in price, as Shiba Inu (SHIB) has done, the TVL will rise even if the quantity of assets remains unchanged. 

Additionally, a hike in TVL may indicate broader bullish sentiment in the market. Especially if users are more willing to lock in their assets during periods of optimism about future returns.

Shibarium accounts show greater activity

An analysis of Shibarium scanner’s new account chart revealed a slight spike during the previous trading session. The number of new accounts jumped from 29 to around 743. Similarly, the active account chart highlighted an increase, with active accounts rising from approximately 537 to over 1,500.

Moreover, the number of new transactions on the Shiba Inu network also saw an uptick, mirroring other key metrics. Transactions rose from about 7,000 to over 11,000. Now, although these numbers had slightly declined at press time, the overall surge pointed to growing engagement and activity on the platform.

Shiba Inu (SHIB) continues to climb

According to AMBCrypto’s analysis, Shiba Inu (SHIB) maintained its positive trend over the last trading session.

The daily chart showed that SHIB hiked by over 8%, trading at around $0.00002 on the charts. These gains followed a major 22% spike observed during the previous trading session.

Source: TradingView

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The significant uptick in SHIB’s price over the past few days is a key factor contributing to Shibarium’s TVL and network activity spike.