The Shiba Inu community is abuzz with excitement as developers set their sights on the next phase of development, propelling the digital asset forward after the successful launch of the Sheboshi NFTs. The recent debut of Sheboshi NFTs has not only captured the attention of enthusiasts but also drawn skepticism, with some viewing it as another attempt by Shiba Inu developers to capitalize on the market.
However, Shiba Inu influencer Lucie is shedding light on the matter, emphasizing that the developers have more significant intentions beyond mere profit. Lucie revealed that these initiatives are part of a broader strategy to advance the ecosystem with innovative technology, dispelling notions of a mere “pump and dump scheme.”
“This is NOT a pump and dump scheme! We have a whole breeding plan and a Shiba Eternity P2E lineup ahead of us. So yes, we know traders jump on the new hot thing, Dn404, but for us, REAL HOLDERS of Shiboshis, the price right now is irrelevant,” Lucie emphasized.
In recent months, Shiba Inu developers have been diligently working to elevate the network beyond its meme coin origins, focusing on practical utility. Notable projects such as the Shibarium Layer 2 network and the SHIB Identity blockchain identity initiative have emerged from these efforts.
The buzz surrounding Sheboshi coincided with a significant increase in transaction volume on the Shibarium network. Data from ShibariumScan revealed a spike to 3.95 million transactions before a subsequent decline to around 2.78 million at the time of reporting, indicating growing interest and engagement within the crypto market.
This transaction surge marked a substantial resurgence for the Shibarium project, positively impacting SHIB’s burning activity, which increased by 55% in the past day and 166% in the past week.
Concurrently, Shibarium observed an uptick in the total value of locked assets, reaching a significant $1 million milestone on February 21. Although this figure experienced a slight decline to $926,210 two days later, it rebounded to $962,576 as of press time.
An increasing Total Value Locked (TVL) indicates that more users are entrusting their assets to the network to partake in decentralized financial activities, serving as a gauge for investor confidence. MARSWAP, a decentralized exchange (DEX), primarily dominates Shibarium’s TVL, accounting for 54.02% of TVL, equivalent to approximately $519,000.
Despite the recent surge, the TVL remains below its all-time high of $1.47 million, recorded in August 2023, marking a period of mainstream adoption for the Shibarium network. As the Shiba Inu community anticipates further developments, the ecosystem continues to evolve, driven by a commitment to innovation and utility.
