Shiba Inu has progressed from its early days as a meme coin to a project which is transforming into something more practical.
Shiba Inu’s dedication to expansion was demonstrated by Shibaswap’s launch. Today, based on social indications, Shibaswap has taken the #1 spot on the list of the most popular Ethereum dapps.
The DEX outperformed OpenSea and the Bored Ape Yacht Club, which ranked second and third consecutively. This is an outstanding accomplishment for the DEX.
Considering that Shibaswap had recently celebrated its first anniversary last month, the ranking underscores its rapid growth.
It boasts more than 30 digital assets listed, bringing in a total value locked of almost £34.3 million.
Estimates suggests that Shibaswap’s daily volume averaged at £8.88 million. For comparison, the average trading volume on one of the major decentralised exchanges, Uniswap, was over £0.82 billion.
It goes without saying that the latter has existed for a longer period of time than Shibaswap.
The effect Shibaswap will have on the price of SHIB may be of greater interest to stakeholders.
Shibaswap intended to woo investors with incentives to hold and even stake SHIB in order for them to generate passive income.
The significant surge in SHIB’s price in Q3 2021 was backed by this incentive-based strategy, but its subsequent modest growth has shown little effect.
According to SHIB’s supply dynamics, a sizable portion of stakeholders are leaning toward the bears. Towards the end of July, there was a noticeable increase in the supply on the exchanges.
Any potential gains were neutralised by the ensuing sell pressure, which allowed for a lateral price movement.
The deposit and withdrawal transaction of SHIB reveal an intriguing finding. In the past 30 days, there have been more withdrawal transactions than deposits.
This shows that despite the selling pressure, SHIB is experiencing strong demand at its current level.
At discounted levels, higher exchange withdrawals are not uncommon. The coin is currently trading at a significant discount to its all-time high.
SHIB’s performance has so far benefited from Shibaswap. However, in comparison to market forces, its impact is rather small.