Shiba Inu Price Hits 6-Day Low as Shibarium TVL Plunges 74%

Shiba Inu's recent price recovery has fizzled out, and the token has fallen to $0.000005, sparking concerns about another significant correction in the near future. The memecoin briefly reached $0.000006 before dipping back to its current level.

Data from DefiLlama shows that the total value locked on Shibarium's layer-2 network dropped sharply, plummeting 74% in a matter of days. Shibarium's TVL exceeded $120,000 earlier this week but has since slipped to $31,000, highlighting declining participation and capital commitment in the ecosystem.

A weaker SHIB price and falling TVL suggest that traders may be less confident about the short-term prospects of the project. This decline has coincided with a broader slowdown across the cryptocurrency market, which has weighed further on investor sentiment.