U.Today - The official Shiba Inu marketing expert known to the community under the pseudonym Lucie has published a tweet to celebrate the beginning of “Uptober” and to hint that Shibarium and its DeFi system are ready for it.
Lucie mentioned the decentralized finance ecosystem on Shibarium after she spread the world a little earlier that SHIB DeFi had reached a major milestone – the amount of total value locked (TVL) on Shibarium surpassed $7 million. TVL refers to the total amount of tokens staked or locked on the platform. These funds have been locked on three major DeFi platforms related to Shibarium.
K9 Finance’s K9BONE boasts the highest amount of TVL: $3,120,000. ShibaSwap and WoofSwap DEXes are holding $2,460,000 and $848,546 in locked value, 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 on crypto market
October has historically been bullish for the cryptocurrency market, which has led to traders beginning to refer to it as “Uptober.” According to data provided by the @lookonchain analytics account, Bitcoin's history has seen five bull markets already that began in that month – in 2013, 2017, 2020, 2021 and 2023.Over the past 24 hours, Shiba Inu has demonstrated a mild increase of close to 5% to kickstart “Uptober.” This was the first increase of the meme coin since it burned a zero and reached a peak of $0.00002141 on Friday, Sept. 27, and Saturday, Sept. 28, as a result of a 42% surge in a single day.
As for the flagship cryptocurrency, Bitcoin has so far shown a short-lived increase above the $64,000 level today. However, the price was quickly pushed back to $63,880. From Sunday to Monday this week, BTC has seen a massive 4% plunge, falling from the $65,970 zone to $63,290.
Grayscale highlights SHIB as leading weekly gainer
As reported by U.Today, Grayscale issued a report over the weekend, featuring 10 cryptocurrencies with the highest weekly gains. Shiba Inu was in the honorable first place with 32.1% gains, leaving Bitcoin, Ethereum, Dogecoin, Cardano and other coins far behind.ADA and DOGE came the closest after SHIB, with 14.5% and 12.4% gains that week. Bitcoin and Ethereum showed profits of 3.4% and 6.7%, while Solana put up 9%.