Shiba Inu Bulls Awaken: TVL Reaches $36.72 Million in Two Years

• Shiba Inu (SHIB) has emerged as a full-blown ecosystem with the potential of disrupting Dogecoin network.
• Total Value Locked (TVL) of Shibaswap has reached $36.72 million in two years.
• SHIB price is on a rising channel, but faces resistance from bears.

Shiba Inu Bulls Awaken: TVL Reaches $36.72 Million In Two Years

The Emergence of Shiba Inu Ecosystem

The Shiba Inu (SHIB) movement has grown to become a full-blown ecosystem with the potential of disrupting the Dogecoin network as the top meme coin. The Shibaswap.com ecosystem continues to attract more on-chain activity with the total value locked rising exponentially with time. Furthermore, the Shiba Inu layer 1 network could easily scale with layer 2 as observed with Ethereum and Polygon (MATIC).

GovShib – A Governance Platform

#ShibariumDAO is introducing a governance platform, GovShib, for its community-driven project.The platform will allow for democratic decision-making by allowing token holders to cast votes in proportion to their token holdings.

Total Value Locked

According to market data provided by Defillama, the Total Value Locked (TVL) – a crucial measure of blockchains liquidity – of Shibaswap, an ecosystem that encompasses SHIB, LEASH, and BONE, has grown to $36.72 million in less than two years.

Price Outlook & Performance Evaluation

Shiba Inu price has been on a rising channel since the calendar flipped in January. However, as it is with most of crypto assets, the bullish thesis has declined in the past few days and could cause panic sell pressure if it drops below 50 percent Fibonacci retracement level . Notably while most crypto tokens are down over 40 percent in past year BONE has gained approximately 150 percent during same period which could rally underlying SHIB price .

Conclusion

Overall , although SHIB faces resistance from bearish traders it still remains popular for its speculative aspect having posted over 171000X rally from ATL to ATH . With new initiatives such as Govshib being introduced , its Total Value Locked reaching 36$ million and correlation between SHIB and BONE increasing , future looks bright for this meme coin .