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.

If we check Etherscan we can see that the ShibaSwap contract is the No.

# 3 is that $ SHIB Token.

and # 4 is the Shiba migrator. pic.twitter.com/ijrG6Fejxc

– Joe McCann (@joemccann) July 6, 2021

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

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