“Uptober” Shibarium Tweet Released by SHIB Team

The marketing expert known in the community as Lucie recently shared a tweet to mark the start of “Uptober,” hinting that the Shibarium and its decentralized finance (DeFi) system are prepared for this occasion.

In her tweet, Lucie highlighted Shibarium’s DeFi ecosystem, mentioning that the total value locked (TVL) on the platform has surpassed $7 million. TVL represents the total value of tokens staked or locked within the platform. These funds are distributed across three key DeFi platforms associated with Shibarium.

K9 Finance’s K9BONE leads with the highest TVL of $3,120,000, while ShibaSwap and WoofSwap DEXes hold $2,460,000 and $848,546, respectively.

This achievement of reaching an all-time high of $7 million occurred shortly after K9 Finance, SHIB’s strategic partner, implemented liquid staking on Shibarium.

### “Uptober” Begins in the Crypto Market

Historically, October has been a bullish month for the cryptocurrency market, earning the nickname “Uptober.” Data shows that there have been five bull markets that started in October during the years 2013, 2017, 2020, 2021, and 2023.

In the past 24 hours, Shiba Inu experienced a slight increase of nearly 5% as it commenced “Uptober.” This marks the first uptick for the meme coin since it significantly rose and reached a peak of $0.00002141 during the last weekend of September, due to a remarkable 42% surge in a single day.

Meanwhile, Bitcoin temporarily rose above the $64,000 mark today but quickly fell back to around $63,880. This week has seen Bitcoin drop 4% from the $65,970 area to $63,290.

### Grayscale Recognizes SHIB as a Top Weekly Gainer

A recent report from Grayscale identified the top 10 cryptocurrencies with the highest weekly gains, and Shiba Inu ranked first, boasting a 32.1% increase, outpacing Bitcoin and several other cryptocurrencies.

ADA and DOGE were the closest competitors, recording gains of 14.5% and 12.4%, respectively. In contrast, Bitcoin and Ethereum reported gains of 3.4% and 6.7%, while another popular cryptocurrency saw a 9% increase.