Shibarium has caught attention in the DeFi sector. According to data from DeFiLlama, Shibarium's DeFi Total Value Locked (TVL) surged to $3.76 million, marking the highest level in the past 30 days. In the last five days, this metric has increased by 20%, indicating a rise in the usage of protocols created on the network. Last week, the TVL of the top five decentralized exchanges (DEXs) built on Shibarium achieved double-digit growth. The rise in TVL could mean increased gains for Shiba Inu (SHIB) as the token's utility improves. Historical trends show that whenever Shibarium's TVL grows, SHIB tends to rise in tandem. For example, at the end of September, Shibarium's TVL nearly tripled within days, pushing SHIB up by 33%. Technical indicators for Shiba Inu suggest a potential large-scale bull market, driving SHIB further up. Shiba Inu forms a golden cross: As of the writing of this article, Shiba Inu's trading price is $0.00002515, reflecting a slight increase of 1.4% within 24 hours. The meme coin appears to be forming a golden cross on its 4-hour chart. This crossover typically indicates that the short-term trend is strengthening relative to the long-term trend, paving the way for further price increases. This golden cross could be the momentum SHIB needs to break through the resistance at $0.0000194. The upward trend for SHIB has repeatedly been rejected at this resistance level, with declining buying volume preventing a strong breakout. The Relative Strength Index (RSI) shows that buying activity is increasing. As of the time of writing, the RSI is at 58, indicating that buying pressure exceeds selling pressure. If buyers step in due to the bullish sentiment observed in the Simple Moving Averages (SMA), SHIB could rise further. Shiba Inu’s burn rate surges: Another potential catalyst for driving SHIB up is the burn rate. According to Shibburn, over 38 million SHIB tokens were removed from circulation in just 24 hours, an increase of 790% compared to the previous day. SHIB regularly conducts token burns, and the burn rate tends to increase during peak network usage. Given the rise in DeFi activity on the Shibarium network, the burn rate could soar, further driving SHIB's gains.

SHIB

Shibarium is making waves in the DeFi industry. Data from DeFiLlama shows that Shibarium’s DeFi TVL has soared to $3.76 million, marking its highest level in 30 days.This metric has surged by 20% in the last five days, underscoring the rising usage of the protocols created on the network. In the last week, the top five largest decentralized exchanges (DEXs) created onShibariumhave seen their TVL surge by double-digit percentages.The rising TVL could spell gains for Shiba Inu (SHIB) due to the token’s rising utility. Going by past trends, SHIB tends to gain whenever Shibarium records growth in its TVL.For instance, in late September, after Shibarium’s TVL surged nearly threefold within days, it fuelled a 33% rally for SHIB.A look at Shiba Inu’s technical indicators suggests that a mega bull run could also be underway, potentially taking SHIB higher.Shiba Inu Forms a Golden CrossShiba Inu traded at $0.00002515 at press time after a slight 1.4% gain in 24 hours. The meme coin appears to have formed a golden cross on its 4-hour chart. This crossover usually shows that the short-term trend is gaining strength compared to the long-term trend, which paves the way for further price gains.This golden cross could be the fuel that SHIB needs to flip resistance at $0.0000194. SHIB’s uptrend has been rejected at this resistance level several times, and reduced buying volumes have prevented a strong breakout above this level.The Relative Strength Index (RSI) shows that buying activity is gaining momentum. At the time of writing, it was at 58, which shows that the buying pressure was higher than the selling pressure.If buyers step in due to the bullish sentiment seen in the Simple Moving Averages (SMAs), SHIB will likely rally higher.Shiba Inu’s burn rate soarsAnother catalyst that could fuel SHIB gains is the burn rate. Data from Shibburn shows that in just 24 hours, more than 38 million SHIB tokens were removed from the circulating supply, a 790% increase from the previous day.SHIB conducts regular token burns, with the burn rate tending to increase whenever network usage is at its peak. Given the rising DeFi activity on the Shibarium network, the burn rate could skyrocket, further boosting SHIB’s gains.

Shibarium TVL surges, Shiba Inu forms a golden cross, could SHIB price soar to $0.001?