Shibarium's TVL Skyrockets Thanks to DAMN Meme Coin

Shibarium's TVL has reached an unprecedented high of $3.87 million, driven by the launch of the DAMN meme coin on the Shibarium layer-2 blockchain. DAMN's successful debut, coupled with price increases for SHIB and BONE tokens, has contributed to the network's exponential growth, with WoofSwap emerging as the dominant DEX with $2.46 million in TVL.

Is Shibarium's TVL Soaring Due to the DAMN Meme Coin?

Data from DeFiLlama suggests that the introduction of the DAMN meme coin on Shibarium, Ethereum's layer-2 scaling solution for the Shiba Inu community, has propelled the network's total value locked (TVL) to unprecedented heights.

On Sunday, Shibarium's TVL surged to a record $3.87 million, a significant leap from the $1 million range it had occupied for much of the year. This meteoric rise is attributed to the launch of DAMN on WoofSwap, one of the decentralized exchanges built on Shibarium.

DAMN's Explosive Debut Fuels Shibarium's Growth

DAMN's debut on March 18th ignited a frenzy among investors, with the token's price soaring over 523% within three days of trading. This surge in popularity underscored Shibarium's ability to support high-demand meme coins and handle the substantial trading volumes they generate.

WoofSwap, the platform that facilitated DAMN's launch, experienced a remarkable 9,292% increase in TVL over the past week, propelling it to the top spot among protocols on Shibarium with $2.46 million in total value locked.

Other DEXs Join the Shibarium Surge

MARSWAP, another DEX on Shibarium, has also seen its TVL rise to $810,942, reflecting the growing interest in decentralized trading within the Shiba Inu ecosystem.

Beyond DAMN: Shibarium's Future Aspirations

While DAMN's launch has been a major catalyst for Shibarium's TVL spike, modest price increases for SHIB and BONE tokens may have also contributed to the network's growth.

The Shiba Inu team has ambitious plans for Shibarium beyond its current TVL milestone. K9 Finance, a forthcoming liquid staking platform, aims to boost the network's TVL by 50 times, potentially reaching $193.5 million. This ambitious goal, along with other DeFi projects in the pipeline, demonstrates the potential for further growth on Shibarium.

Conclusion

The launch of the DAMN meme coin has propelled Shibarium's TVL to unprecedented heights, showcasing the network's ability to support high-demand meme coins and handle substantial trading volumes. While DAMN's debut has been a significant factor, other DEXs on Shibarium have also experienced growth, highlighting the growing interest in decentralized trading within the Shiba Inu ecosystem. The Shiba Inu team's ambitious plans for Shibarium, including the upcoming K9 Finance platform, suggest that the network's growth is far from over.