Shibarium’s DeFi System Sets the Stage for “Uptober” in the Crypto Market
Lucie, the renowned marketing expert in the crypto community, recently took to Twitter to announce the arrival of “Uptober” and hinted at Shibarium’s readiness for it. This excitement comes on the heels of a significant milestone achieved by SHIB DeFi – surpassing $7 million in Total Value Locked (TVL) on Shibarium.
Breaking Down the TVL on Shibarium
TVL represents the total value of tokens staked or locked on a DeFi platform. In the case of Shibarium, the funds are distributed across three major DeFi platforms:
- K9 Finance’s K9BONE: Leading the pack with a TVL of $3,120,000
- ShibaSwap: Holding $2,460,000 in locked value
- WoofSwap DEXes: Locking in $848,546
This achievement of reaching $7 million in TVL occurred shortly after K9 Finance, SHIB’s strategic partner, integrated liquid staking on Shibarium.
The Bullish Trend of “Uptober” in the Cryptocurrency Market
Historically, October has been a bullish month for the cryptocurrency market, leading traders to affectionately dub it “Uptober.” Data from @lookonchain analytics reveals that five bull markets have originated in October, in 2013, 2017, 2020, 2021, and 2023.
Shiba Inu has already shown a mild increase of around 5% in the past 24 hours, signaling the beginning of “Uptober.” This surge comes after the meme coin burned a zero and peaked at $0.00002141, following a remarkable 42% surge in a single day.
Meanwhile, Bitcoin briefly breached the $64,000 level today before retracting to $63,880. The leading cryptocurrency experienced a 4% drop from $65,970 to $63,290 between Sunday and Monday.
Grayscale Spotlights SHIB as Top Weekly Performer
In a recent report, Grayscale highlighted Shiba Inu as the top gainer for the week, with a remarkable 32.1% increase. This puts SHIB ahead of other prominent cryptocurrencies like ADA, DOGE, Bitcoin, Ethereum, and .
ADA and DOGE followed closely behind SHIB with gains of 14.5% and 12.4% respectively. Bitcoin and Ethereum posted profits of 3.4% and 6.7% while recorded a 9% increase.
For more information, you can read the original article on U.Today.
Analysis:
Shibarium’s DeFi ecosystem reaching $7 million in TVL signifies a growing interest and trust in the platform, boosted by strategic integrations like K9 Finance’s liquid staking. The bullish trend of “Uptober” in the crypto market presents opportunities for traders and investors to capitalize on potential gains. As highlighted by Grayscale, SHIB’s impressive performance underscores the shifting landscape of the cryptocurrency market, where meme coins like Shiba Inu can emerge as top gainers alongside established players like Bitcoin and Ethereum.
Understanding these trends and developments is crucial for individuals looking to navigate the crypto space and make informed investment decisions that align with their financial goals.