Shiba Inu (SHIB), the meme-inspired cryptocurrency, continues to ride the bull market wave, showing impressive gains across multiple metrics. SHIB’s price has surged by 17% in just the first five days of December, but its standout achievement lies in its layer-2 blockchain, Shibarium.

Shibarium Achieves New Milestone

Shibarium, a layer-2 blockchain built for Shiba Inu by independent developers, recently reached a significant milestone. It hit $10.47 million in total value locked (TVL), reflecting its growing adoption and utility. The blockchain’s momentum picked up speed on November 4, witnessing an 80.8% increase in TVL within a month.

Related article: Shiba Inu Lead Outlines Steps for Boosting Shibarium Adoption

Since late September, Shibarium’s total locked value skyrocketed by 851%, starting from $1.23 million. This exceptional growth highlights increasing user interest and activity on the platform. On-chain data further reinforces this trend. In the past month alone, the number of accounts grew by 13.27%, bringing the total to 208,530 accounts. Transactions also surged by 29.79%, reaching 603.74 million, signaling strong user engagement.

ShibaSwap Leads Among Applications

Among the decentralized applications (dApps) on Shibarium, ShibaSwap stands out as the dominant force. According to DeFiLlama, ShibaSwap’s total value locked reached $4.02 million, marking a 94.1% increase over the past month. This rapid growth positions ShibaSwap as one of the fastest-growing dApps within the Shibarium ecosystem.

Related article: Shibarium Transactions Drop 85% Following Record Highs

Shibarium now ranks as the 105th largest blockchain, showcasing its rising prominence in the crypto space. Meanwhile, Shiba Inu maintains a strong market presence, with a market cap of $18.49 billion. 

As the 12th largest cryptocurrency, SHIB still has significant potential for growth, with plenty of momentum left to fuel the broader Shiba Inu ecosystem.