Categories: Uncategorized

Shiba Inus ShibaSwap DEX hits a blocked total of $ 1 billion just one day after launch

Dogecoin (DOGE) has proven to the world that even a project that started out as a joke can grow in value and popularity in the crypto space. This phenomenon has opened the door for many “meme” cryptocurrencies to attain their own status, and defiantly the meme effect has taken hold.

The latest coin meme to grab investors’ attention is Shiba Inu (SHIB), a project that first gained popularity when Ethereum inventor Vitalik Buterin donated over $ 1 billion worth of SHIB to the Fund donated.

While many analysts thought the project would disappear along with other coin memes, Shiba Inu has grown into a growing project with its own swap interface, profit farming and DAO structure.

ShibaSwap starts to increase gas

The excitement in the Shiba Inu community flared up on July 6th with the release of ShibaSwap, a newly created swap interface for token holders.

Ethereum gas fees have been almost lower than ever since the Berlin upgrade, but the introduction of ShibaSwap has resulted in a significant increase in gas costs, as in. mentioned tweets from dealer Joe McCann.

Although the stats have changed slightly since the tweet was posted, the three contract addresses identified by McCann are still in the top 10 fuel guzzlers and Shiba expats are now third in fees generated in the past three hours .

Top 9 addresses for Ethereum gas consumption. Source: Etherscan

As can be seen in the table above, Uniswap V2 was the only other contract that generated more Ether fees in the last 24 hours, and the three SHIB-related contracts combined generated over $ 1.7 million in 24 hours Fees.

The total value of ShibaSwap exceeds $ 1 billion

While some networks are accused of using spam transactions to increase on-chain activity, Shiba Inu does not, as the total value blocked on the platform has already been exceeded. $ 1 million just one day after the start.

This is a strong sign of support for the newly released UI, which is currently in the top 30 for total banned value.

At the time of writing, the project is more valuable than Quickswap (QUICK) and Mdex (MDX).

The initial excitement following the release of Shibaswap caused the SHIB price to skyrocket 14% on July 6, but then the price fell to its current value of $ 0.00000837, 78% below its high, all-time high at 0 $, 000388.

Source: TradingView

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

14 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

30 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

58 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

1 hour ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

4 hours ago

This website uses cookies.