Shibarium, the Layer 2 blockchain solution launched by the popular meme-based cryptocurrency, Shiba Inu (SHIB), is seeing more headlines. Prices are hitting an all-time high (ATH) as the Total Value Locked (TVL) on and off the network reached a new high too.
The launching of k9finance’s liquid staking platform drove this milestone largely. The platform’s launch has pumped excitement and fresh interest in the Shiba Inu ecosystem. That has led to Shiba Inu’s price increasing by over 4% in the last 24 hours, suggesting investor confidence.
As Shibarium and Shiba Inu continue to gather steam across both price and total locked assets. These two are riding a wave of momentum within the decentralized finance (DeFi) space that looks ready for more gains.
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Shibarium’s TVL Hits New ATH Ahead of k9finance’s Liquid Staking Launch
Earlier, the TVL on Shibarium surged with the launch of k9finance, a DeFi platform within the Shiba Inu ecosystem. A positive sign for Shibarium is that the TVL rose after the launch of k9finance’s liquid staking platform.
It makes the network credible and strongly supports the fact that Shiba Inu (SHIB) based DeFi projects are gaining widespread adoption.
Shibarium’s TVL has reached its highest point today, indicating the rising popularity of Shiba Inu’s DeFi products.
Shiba Inu Up Over 4% in 24 Hours
Shiba Inu has seen a spike in its market price on the back of such exciting developments. Right now, according to CoinMarketCap, the current price sits at $0.00001879, a 4.45% increase from the previous round.
It is accompanied by a rise in trading volume of 26.05% over the past 24 hours, at $639 million. Shiba Inu’s market capitalization is $11.07 billion, and it is supported by a 589.27 trillion circulating supply of SHIB.
From a technical perspective, the action of Shiba Inu’s price points pave the way for more gains. On the 4-hour chart, the trend in SHIB’s price is bullish, as SHIB is trading above a rising support line.
The Awesome Oscillator (AO), used to assess market momentum, shows green bars, suggesting that positive momentum is building. The upward trajectory in the chart is reinforced by consistent support at around the $0.000017 level, with resistance levels forming near $0.000019.
If SHIB can break through this resistance, it could signal the start of a more significant price rally. However, if the token fails to break this resistance, it could consolidate within the current range before attempting another breakout.
