DAMN coin contributed to a 170% increase in shebarium. What happened ?

Shibarium, a layer 2 blockchain within the Shiba Inu ecosystem, has arrived (SHIB), has reached remarkable milestones, demonstrating its growing utility and adoption.

Blockchain data shows a significant increase in the total value of assets locked (TVL) on Shibarium, representing an increase of approximately 170% over the last two days. The value now reaches $3.85 million, confirming the increased usefulness of the platform and user interaction with it.

TVL on Shibarium platform increased by 170%...the reason is DAMN coin

The significant increase in TVL for the Shibarium platform can be attributed to the introduction of new features within the ecosystem. Notably, the recent launch of meme coin DAMN on decentralized exchange Woofswap has added to the excitement surrounding meme coins in various blockchains.

Among these currencies, DAMN stands out as a top contender. It has received a lot of attention from the Gray Army and the broader cryptocurrency community. What sets DAMN apart from the rest is its feature of burning Bone Shibaswap, the original Shibarim gas token, which furthers its appeal.

explained Lucy, a market analyst Shiba Inu This DAMN is about “people – primarily BONE holders and the Shibarium community.”

"We don't spend on marketing, it's a collective effort to showcase our ecosystem. A small effort from each of us can lead to big achievements. Let's unite and move forward together."

Read more: Memes in 2024: Will they make crazy gains?

Interestingly, the price of DAMN has been on an upward trend since its debut, leading to significant trading activity on the decentralized exchange Woofswap, inadvertently impacting Shibarium's TVL. The DEX currently accounts for approximately 64% of the total activity in the Shibarium ecosystem.

Shiba Inu (SHIB) price increases

Recent market data shows the continued rise of the Shiba Inu meme, coinciding with the expansion of its ecosystem. According to data from BeInCrypto, the price of SHIB increased by over 2.45% in the last 24 hours, reaching $0.00002791. This upward trajectory also extends to a remarkable run of growth that exceeded 193% last month.

This increase is notably consistent with an increase in the number of short-term investors acquiring SHIB. This category of investors has accumulated 64 trillion tokens over the past 30 days, according to analysts at IntoTheBlock.

And he said “Shiba Inu traders holding holdings for less than a month have seen a significant increase, seeing a 278% increase in the last 30 days,” said Salim Dadi, content creator at IntoTheBlock.

However, despite this positive dynamic, the Shiba Inu ecosystem has experienced an unexpected decline in SHIB burn rate. Over the past week, decreases The meme coin burn rate is 52%, with approximately 360 million SHIB tokens removed from circulation.