When Shiba Inu (SHIB) was introduced, it existed only as a meme coin. It has been marked as a meme coin but it is about time the meme coin attempted to shed it.
As the cryptocurrency industry is constantly growing competitive, many investors started to question the longevity of the meme coin. Therefore, the developers of the meme coin have tried bringing in more utility for SHIB.
Shiba Inu Launched Shibaswap
Shiba has recently launched Shibaswap, which is a decentralized platform. Shibaswap has been launched to exist as a decentralized platform.
This is a strong demonstration of the commitment Shiba Inu has to become a token that offers utility to the users. The platform is considered to be a black horse in the cryptocurrency industry and may perform strongly in near future.
With the launch of Shibaswap, Shiba Inu has made its way into the utility sector. So far, Shiba Inu is performing really well and it has redefined itself being a strong contender against other platforms.
Achievement of Shibaswap
Ever since the introduction of Shibaswap, it has become the top DApp on the Ethereum platform. This has been confirmed by all the social signals in the cryptocurrency industry.
According to statistics, Shibaswap has become the top application as it has even surpassed OpenSea and the BAYC. OpenSea has reportedly made it to the second spot while BAYC has made it to the third.
It was in the month of July when Shibaswap celebrated its first year anniversary. In a matter of a year, Shibaswap has grown tremendously and has become the top application.
Ever since the launch, over 30 digital assets have been listed by the application. As for the total value locked (TVL), the application has locked $41.72 million.
Daily Volumes Recorded on Shibaswap
The daily volumes Shibaswap has achieved in the month of July are worth $10.8 million. In terms of comparison, the trading volume of Uniswap is more than $1 billion.
The investors are interested to see what the future of Shibaswap would be. The stakeholders want to see how the price of Shiba Inu will react to the success and growth of Shibaswap.
Current Price Situation of Shiba Inu
It was in the third quarter of 2021 when Shiba Inu started to demonstrate strong performance. However, its strong performance was short-term, as it did not do much to grow the utilization of the meme coin.
The majority of the investor at present are leaning towards to the bearish trend of Shiba Inu. The data shows that towards the end of July, the supply level for SHIB rose significantly at the exchanges.
According to the analysts, the current downside will have a positive impact on SHIB and its price may start growing stronger in the upcoming days.