It has been a turbulent month for the Shibarium network, a layer-2 blockchain aiming to scale the Ethereum (ETH) ecosystem, while connecting it to the popularity of Shiba Inu (SHIB) and the passion of the ShibArmy, by creating its own DeFi space with decentralized protocols.
In this context, both related tokens are going through high volatility in the crypto market, as sentiment and data about Shibarium keep changing. These two tokens are SHIB and BONE — which is the native token for the decentralized exchange (DEX) ShibaSwap, and now the native token for the Shibarium network.
Shibarium total value locked (TVL). Source: DefiLlama
The above data suggests a bearish sentiment in general for DeFi investors in the given layer-2 blockchain.
However, the TVL has slightly recovered in the last 24 hours, for short-term gains of 3.87%. DogSwap, the dominant protocol, is responsible for $213,194 (36%) of the total value locked on Shibarium.
Interestingly, Finbold also reported that the network is seeing an average of over 36,000 new addresses every day, since its launch. There is a total of 1,246,846 crypto wallets using Shibarium, which could suggest a bullish sentiment for the users, as a counterpoint to TVL data.
SHIB price analysis
Meanwhile, Shiba Inu (SHIB) has been consolidating in the last few days, trading at $0.0000073 by press time, after registering accumulated losses of 6% in the last 30 days.
SHIB 1-month price chart. Source: Finbold
ShibaSwap (BONE) is showing a similar pattern in the monthly chart, currently changing hands by $0.80 per token.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
