Key Takeaways
- Shiba Inu (SHIB) products dominate Ethereum gas fee consumption charts
- This development is linked to the launch of ShibaSwap
- Shiba Inu (SHIB) remains within the top 30 coins based on marketcap
Shiba launched its decentralized exchange (DEX) ShibaSwap, and it has been a success with more than $1 billion in total locked-in value (TVL) within 24 hours. This development made the meme token lead the Ethereum gas charts.
The ShibaSwap contract followed the Shiba Migrator contract, with the Shib token taking fifth on the Ether gas consumption chat. In addition, xSHIB was ranked 6th and LEASH token at 17th. This represented five key products associated with the Shiba Inu protocol.
This is remarkable progress for the Meme token project. When it was launched, Shiba Inu was viewed with suspicion by the crypto community. It was accused of trying to leverage on the Dogecoin wave without necessarily supporting a viable project.
Shiba Inu has so far proved detractors wrong by launching different products within its ecosystem. It consists of three tokens SHIB, LEASH, and BONE which have different functions within the Shiba Swap exchange.
The $1 billion locked in the DEX places it ahead of popular DEX Balancer, according to data from DeFi Pulse.
The price of Shiba Inu had benefited from the launch of ShibaSwap on July 6, by experiencing a sharp increase. But since then, enthusiasm seems to have died down. The SHIB price thus fell by -9% over the last 24 hours:
Currently, SHIB is trading for $0.000008, which corresponds to a fall of 70% since its all-time high at the beginning of May. Despite this, the total capitalization of Shiba is $3.8 billion, or 29th place in the coin rankings.
The challenge for ShibaSwap and Shiba Inu will therefore be to maintain the initial craze for the Memecoin if the DEX wants to compete with other more established projects.
Do you think Shiba Inu can pose major competition to Uniswap and Sushiswap?
