Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has experienced a surge in price, soaring by more than 8% as the Shiba Inu ecosystem celebrates a major milestone.
The excitement surrounding the project stems from the announcement that ShibaSwap, the decentralized exchange (DEX) associated with Shiba Inu, is now hosted on Shibarium, the project’s layer-2 scaling solution.
TLDR
- Shiba Inu (SHIB) has surged by more than 8% as ShibaSwap, the decentralized exchange (DEX) associated with the Shiba Inu ecosystem, is now hosted on Shibarium, Shiba Inu’s layer-2 scaling solution.
- The move of ShibaSwap to Shibarium is expected to encourage an influx of developers into the ecosystem and boost the total transaction count on the L2 platform.
- Increased transactions on the Shibarium blockchain will lead to a higher burn rate for the SHIB token, reducing its circulating supply and potentially impacting its price valuation.
- The current price trend pegs the price of Shiba Inu at $0.00002549, beating the $0.000023 resistance point, with the potential to reclaim the $0.00003 mark.
- The ShibaSwap upgrade offers new features such as a new dashboard, improved user experience, discovery charts for new and trending tokens, and an easier onboarding process for new tokens on the DEX.
The transition of ShibaSwap from Ethereum to Shibarium marks an important development for the Shiba Inu ecosystem.
With the DEX now operating on Shibarium, project innovators have a ready marketplace to host their projects, potentially encouraging an influx of developers into the ecosystem. This move is expected to further strengthen the already vibrant Shiba Inu community.
???? #ShibArmy the wait is finally over — ShibaSwap is coming home to Shibarium!
ShibaSwap is more than just an exchange; it’s where our community’s spirit meets innovation, where your community tokens not only exist but thrive pic.twitter.com/fVGEZjynIJ
— Shib (@Shibtoken) May 15, 2024
One of the key benefits of ShibaSwap’s migration to Shibarium is the potential impact on the total transaction count on the L2 platform.
The daily transaction count on Shibarium has flattened out since at least April 20, but with more swaps taking place on the platform, this metric is likely to revive.
An increase in transactions could also contribute to the growth in the total number of SHIB tokens sent to burn addresses, effectively reducing the token’s circulating supply.
The Shiba Inu price revival can also be attributed to the realization of the impact of the DEX on staking within the Shibarium ecosystem.
As more users engage in staking and provide liquidity, the circulating supply of SHIB may be better controlled, potentially influencing the token’s price valuation over time.
The ShibaSwap upgrade brings a host of new features to the platform, including a new dashboard, improved user experience, discovery charts for new and trending tokens, and a streamlined onboarding process for new tokens on the DEX.
These enhancements are expected to attract more users and developers to the Shiba Inu ecosystem, further driving its growth and adoption.
Currently, the price of Shiba Inu stands at $0.00002549, having surpassed the $0.000023 resistance point that had been a crucial barrier for over a month.
With this breakthrough, the token may continue its upward trajectory and potentially reclaim the $0.00003 mark. While the token’s future outlook is supported by a confluence of fundamentals, the launch of ShibaSwap on Shibarium is likely to play a significant role in shaping its trajectory.
