ShibaSwap, the decentralized exchange (DEX) associated with the Shiba Inu cryptocurrency, is experiencing a massive resurgence in trading activity. This unexpected growth has pushed trading volumes to impressive new heights.
A Week of Explosive Growth
Last week saw ShibaSwap’s trading volume skyrocket by a staggering 244%, reaching over $10 million. This is a huge jump from the previous week’s $2.93 million and represents the platform’s highest volume since mid-January ($12.5 million). The platform’s total trading volume over the past month now sits at $20.12 million, with a lifetime total exceeding $17.18 billion. Interestingly, this surpasses the volume of some well-known DEXs.
Increased Liquidity and Participation
The increase in trading volume isn’t the only impressive metric. The total value locked (TVL) in ShibaSwap has also seen a dramatic increase. In February, the TVL was a modest $2.97 million across 593 liquidity pools. Now, the TVL has exploded to $67.94 million, spread across a significantly larger 1,097 pools. This represents a mind-boggling 2,187% increase in TVL and an 85% increase in the number of pools in just over a month.
Positive Ripple Effect on Shiba Inu Prices
This surge in ShibaSwap activity has had a positive impact on the prices of Shiba Inu-related tokens. In the last 24 hours:
- SHIB (the main Shiba Inu coin) is up 14%, trading at $0.00001521.
- BONE (Bone ShibaSwap) is up 15%, trading at $0.4178.
- LEASH (Doge Killer) is up 5%, trading at $173.
This overall positive trend strongly suggests renewed interest and confidence in the Shiba Inu ecosystem.
