Recently, ShibaSwap has captured significant attention within the cryptocurrency community. This trading platform, associated with the Shiba Inu cryptocurrency, has experienced notable fluctuations in trading volume, surpassing even some of the more established decentralized exchanges.
Trading Volume Takes Off
The latest statistics indicate that ShibaSwap has had an exceptionally productive week, with trading activity escalating by a staggering 244%. This surge led to a total trade value of $10 million over the past seven days, compared to just $2.93 million the week prior.
This remarkable increase marks the highest trading volume ShibaSwap has seen since mid-January when it reached $12.50 million. It appears that renewed interest in the platform coincides with a generally upbeat sentiment surrounding the Shiba Inu project.
Over the past month, ShibaSwap’s total trading volume has reached $20.12 million. Cumulatively, the platform’s trading volume now stands at an impressive $17.18 billion. Notably, this total trading volume surpasses that of some prominent players in the decentralized exchange market, including PancakeSwap and Hashflow.
Lots More Money Flowing In
A February report highlighted that the total value locked in ShibaSwap was $2.97 million, distributed across 593 lending and borrowing pools. However, recent observations reveal a dramatic shift. The influx of capital into the platform, alongside an increase in the number of pools, signifies robust growth.
Current figures from the official ShibaSwap website indicate that the total value locked has surged to $67.94 million, with the number of liquidity pools now standing at 1,097. This represents a stunning increase of 2,187% in the amount locked and an 85% rise in pool numbers over just a month.
Prices of Shiba Inu Coins Are Up
All indications point to a favorable outlook for the Shiba Inu ecosystem. SHIB, the primary Shiba Inu coin, experienced a 14% increase in the past 24 hours, now trading at $0.00001521. Similarly, Bone ShibaSwap (BONE) has climbed by 15% to $0.4178, while Doge Killer (LEASH) has risen by 5% to $173. These trends reflect the positive momentum surrounding the Shiba Inu project and its benefits for ShibaSwap.
Featured image from Gemini Imagen, chart from TradingView
