Shibarium TVL Soars, Igniting Shiba Inu Burn Rate and SHIB Price Surge!

"Shibarium TVL Rises, Boosting SHIB Burn Rate and Price!"

Shibarium surpassed 8 million blocks and $4.72 million in Total Value Locked, raising questions about SHIB's price recovery and burn rate impact.

Rachel Patel24 November 2024Last Update : 3 weeks ago

Shibarium TVL surges: Impact on Shiba Inu's burn rate, SHIB's price

ambcrypto.com

Shibarium has reached a significant milestone by surpassing 8 million blocks and achieving a Total Value Locked (TVL) of approximately $4.72 million, the highest in its history. This surge in TVL reflects increased investor confidence and expanding use cases within the Shiba Inu ecosystem, prompting discussions on its impact on SHIB’s price and burn rate.

6 Key Takeaways

Shibarium surpasses 8 million blocks milestone.
Total Value Locked (TVL) approaches $5 million.
Significant increase in active Shiba Inu accounts.
Over 1 billion SHIB tokens burned last month.
SHIB price shows resilience with 7% increase.
Resistance at $0.00003500 must be overcome.

Fast Answer: Shibarium’s TVL has reached a record $4.72 million, marking a 427% increase in active accounts. Over 1 billion SHIB tokens were burned in the past month, but the burn rate may need to increase further to significantly impact market prices. SHIB’s price has risen over 7% recently, currently at $0.00002726.

Shibarium’s recent growth in Total Value Locked (TVL) indicates a positive trend for the Shiba Inu ecosystem. As of now, the TVL stands at $4.72 million, according to data from DeFiLlama. This increase is linked to a rise in active accounts, which surged from 2,284 to 12,041, showcasing a 427% growth. This influx of liquidity is expected to enhance network activity and potentially support SHIB’s price recovery.

In addition to the TVL increase, the Shiba Inu burn mechanism remains a crucial aspect of the ecosystem, aiming to reduce the token supply. Recent data from Shibburn shows that over 1 billion tokens were burned in the last month, with 171 million burned in the past 24 hours alone. Despite this progress, analysts note that the burn rate must align more closely with SHIB’s circulating supply to have a significant impact on market sentiment.

Currently, SHIB’s price has shown resilience, climbing over 7% to $0.00002726. Technical indicators suggest a bullish trend, with strong support at $0.00002009. However, the price must break the resistance level of $0.00003500 to maintain upward momentum. While the growing TVL and burn activity create a favorable environment, the overall market demand will play a crucial role in determining SHIB’s future price movements.

Notice: Canadian investors should be aware of the volatile nature of cryptocurrency markets and consider the risks associated with investing in tokens like SHIB.

The convergence of Shibarium’s rising TVL and Shiba Inu’s burn activity presents a cautiously optimistic outlook for SHIB. However, without substantial demand-side catalysts, the impact of burns on price may remain limited.