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 hint that Shibarium and its DeFi system are ready for it.

Lucie mentioned the decentralized finance ecosystem on Shibarium after she spread the word earlier that SHIB DeFi had reached a major milestone – the 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 occurred 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, leading traders to refer to it as “Uptober.” According to data provided by the @lookonchain analytics account, Bitcoin’s history has seen five bull markets that began in October: 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, resulting from a 42% surge in a single day.

Bitcoin has so far shown a short-lived increase above the $64,000 level today, but quickly fell back to $63,880. From Sunday to Monday this week, BTC experienced 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 took the top honor with 32.1% gains, outperforming Bitcoin, Ethereum, Dogecoin, Cardano, and other coins.

ADA and DOGE closely followed SHIB with 14.5% and 12.4% gains, while Bitcoin and Ethereum registered profits of 3.4% and 6.7%, respectively. Solana posted gains of 9%.

This article was originally published on U.Today.