As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent developments surrounding Shiba Inu (SHIB) have caught my attention. Having witnessed countless market cycles and trends, I’ve learned to read between the lines and understand the implications of various announcements.
Under the alias Lucie, the recognized Shiba Inu marketing guru shared a message on Twitter to mark the start of “Uptober” while subtly suggesting that Shibarium and its DeFi infrastructure are all set for this exciting period.
Lucie recently brought up the topic of the decentralized finance (DeFi) ecosystem on Shibarium, as she had previously shared that SHIB DeFi had achieved a significant milestone: the total value locked (TVL) on Shibarium exceeded $7 million. TVL represents the overall value of tokens that are either staked or secured on the platform. These funds have been secured across three prominent DeFi platforms associated with Shibarium.
K9 Finance’s K9BONE platform boasts the largest total value locked (TVL) among other platforms like ShibaSwap and WoofSwap, with a staggering TVL of approximately $3,120,000. ShibaSwap and WoofSwap decentralized exchanges are currently safeguarding around $2,460,000 and $848,546 in value that is locked, respectively.
The all-time high of $7 million achievement happened approximately within a week after SHIB’s strategic partner K9 Finance integrated liquid staking on Shibarium.
“Uptober” begins in crypto market
Historically speaking, October tends to be a favorable period for the cryptocurrency market, giving rise to its nickname “Uptober.” As per the data shared by @lookonchain, Bitcoin‘s history shows five significant bull markets starting in October – specifically, in 2013, 2017, 2020, 2021, and a hypothetical one in 2023.
In the last 24 hours, Shiba Inu has seen a gentle rise of nearly 5%, initiating the anticipated “Uptober” period. This is the first growth spurt for the meme coin since it eliminated zero and peaked at $0.00002141 on both September 27th and 28th, due to a substantial one-day rise of 42%.
Regarding Bitcoin, the leading digital currency, it briefly surpassed the $64,000 mark today but soon retreated to around $63,880. Over the course of this week, from Sunday to Monday, there was a significant 4% drop in its value, causing it to slide from approximately $65,970 down to $63,290.
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Grayscale highlights SHIB as leading weekly gainer
According to U.Today’s report, Grayscale highlighted ten cryptocurrencies that experienced significant weekly growth over the weekend. Leading the pack was Shiba Inu with a 32.1% increase in value, outperforming Bitcoin, Ethereum, Dogecoin, Cardano, and other digital currencies by quite a margin.
Last week, Shiba Inu (SHIB) was followed closely by ADA and DOGE with respective gains of 14.5% and 12.4%. In comparison, Bitcoin and Ethereum posted smaller increases of 3.4% and 6.7%, while Solana saw a more substantial growth of 9%.
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2024-10-01 14:24