While some of the Altcoins were reaching new All-time highs in the chart, Shiba Inu was yet to join the party. At press time, Shib was valued at $0.00002706 with a market cap of $14.8 billion. With a crypto ranking of 15th in the chart, the price structure also seemed less impressive.
As highlighted in the chart above, Shiba Inu is yet to re-test its yearly open value of $0.00003337. The range was briefly breached back in February when a yearly high of $0.00003523 was registered. Now, at press time, the asset remains below the aforementioned targets but it is imperative to keep long-term fundamentals in mind. In terms of space for growth, Shiba Inu could be in a strong position based on Total Value Locked.
Shiba Inu and $BONE TVL only $200 million?
According to ShibaSwap.com, the total value locked or TVL by $Bone token is around $168 million. However, the aggregated value of all protocols involved is possibly higher. As indicated by DefiLlama, the total value locked is calculated to be as high as $200 million. Now, the TVL estimated is still quite low. As mentioned above, Shiba Inu has a market cap of $14.8 billion, and the TVL in that valuation is only $200 million. In comparison, take Ethereum as an example.
The 2nd largest asset has a market cap of approx $400 billion, and the TVL is about $130 billion. Hence, in hindsight, Shiba Inu hasn’t reached full potential in terms of its use-case from its decentralized exchange, which could easily push Shiba Inu’s price higher.
Are addresses building back up?
In terms of activity, Shiba Inu’s active addresses are beginning to show signs of revival. While it isn’t significant relative to the activity witnessed during May 2021, it is still a positive sign in terms of network fundamentals. Shiba Inu should be slowly breaking its facade of being just a short-term investment, as it continues to improve other facets of the network, to build consistency in the price charts over the long term.
Yesterday, the Shiba team also announced that a major announcement is due on 30th March, which could be eventful for the entire community. Such news may trigger a short-term price push for the asset as SHIB looks to reclaim the $0.00003 range.