- ShibaSwap’s 24-hour trading volume more than doubled.
Ecosystem tokens like SHIB and BONE saw impressive spikes in the last 24 hours.
As an experienced analyst, I’m excited about the recent developments in the Shiba Inu ecosystem. The integration of ShibaSwap onto the layer-2 blockchain Shibarium is a significant milestone that could propel the DEX to new heights.
A significant milestone was reached within the Shiba Inu (SHIB) community as Decentralized Exchange (DEX), ShibaSwap, officially launched on the layer-2 (L2) solution, Shibarium. This event marks the beginning of a new multichain phase for the ecosystem.
“On May 1st, Lucie, Shiba Inu’s marketing lead, announced an update via an X post. This development enables Shibaswap to function on both the Ethereum (ETH) and Shibarium networks.”
As a market analyst, I’ve observed that the leading token within this ecosystem, SHIB, was priced at $0.00002245 based on my current investigation. This represents a significant increase of 6.4% in value over the past 24 hours, according to information provided by CoinMarketCap.
Bone ShibaSwap [BONE], ShibaSwap’s governance token, also got a 5.76% hike in the 24-hour period.
Big boost for ShibaSwap
As a crypto investor, I’ve noticed that since its debut in July 2021, ShibaSwap has been actively operating on the Ethereum blockchain as a Decentralized Exchange (DEX). It provides various services such as staking tokens to earn rewards, contributing to liquidity pools for trading fees, and engaging in yield farming where investors lend their assets to borrowers in exchange for interest.
According to my research using AMBCrypto and DeFiLlama’s data, the platform has processed trades totaling over $17 billion so far. Notably, the trading volume has nearly doubled in the last 24 hours, reaching approximately $2.55 million.
On May 2nd, Shibarium was scheduled for a significant upgrade in the form of a hard fork. This step aimed to enhance the network’s speed and reduce transaction costs.
As a researcher studying the blockchain industry, I can suggest that the enhanced network performance may create an optimal environment for ShibaSwap to expand and thrive.
What’s in there for SHIB?
The Shiba Inu ecosystem intentionally developed projects such as ShibaSwap and Shibarium to transcend their meme coin image and provide practical uses for the native tokens.
As a researcher studying the cryptocurrency market, I’ve observed that the announcement of Shibarum’s integration into the Ethereum blockchain led to a significant surge in SHIB‘s price, according to reports from AMBCrypto. Moreover, this news also resulted in a substantial rise in the number of new addresses being created on the Shiba Inu network, as evidenced by data provided by Santiment.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
On May 1st, there was a notable 11% surge in daily active addresses for the cryptocurrency. Additionally, favorable opinions about the coin grew more prevalent based on the sentiment analysis indicated by the weighted sentiment marker.
The second largest meme coin experienced a significant decline in April, with its value dropping by over 12%. Similar to the larger market trend.
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2024-05-03 05:11