Shiba Inu SHIB Price Soars with the Launch of ShibaSwap on Shibarium
Shiba Inu (SHIB), the cryptocurrency inspired by internet memes, has seen a significant increase in its price, jumping by more than 8% as the Shiba Inu ecosystem reaches a major milestone. The excitement about the project comes from the news that ShibaSwap, the decentralized exchange (DEX) associated with Shiba Inu, is now running on Shibarium, the project’s layer-2 scaling solution.
In summary, Shiba Inu (SHIB) has experienced an increase of over 8% as ShibaSwap, the decentralized exchange (DEX) linked to the Shiba Inu ecosystem, is now operating on Shibarium, Shiba Inu’s layer-2 scaling solution.
The migration of ShibaSwap to Shibarium is expected to attract more developers to the ecosystem and increase the total number of transactions on the L2 platform. More transactions on the Shibarium blockchain will result in a higher burn rate for the SHIB token, reducing its circulating supply and potentially impacting its price.
The current price trend shows the price of Shiba Inu at $0.00002549, surpassing the $0.000023 resistance point, with the potential to reach the $0.00003 mark. The upgraded ShibaSwap offers new features such as a new dashboard, improved user experience, discovery charts for new and trending tokens, and a simpler onboarding process for new tokens on the DEX.
The transition of ShibaSwap from Ethereum to Shibarium is a significant development for the Shiba Inu ecosystem. With the DEX now running on Shibarium, project innovators have a platform to host their projects, potentially attracting more developers to the ecosystem and strengthening the Shiba Inu community.
One of the key benefits of ShibaSwap’s move to Shibarium is the potential impact on the total transaction count on the L2 platform. The daily transaction count on Shibarium has been stagnant since at least April 20, but with more swaps occurring on the platform, this metric is likely to increase.
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 revival of the Shiba Inu price 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 over time.
The upgrade of ShibaSwap brings a range 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 improvements are expected to attract more users and developers to the Shiba Inu ecosystem, further driving its growth and adoption.
At present, the price of Shiba Inu is at $0.00002549, having surpassed the $0.000023 resistance point that had been a significant barrier for over a month. With this breakthrough, the token may continue its upward trajectory and potentially reach the $0.00003 mark. While the token’s future outlook is supported by a combination of fundamentals, the launch of ShibaSwap on Shibarium is likely to play a significant role in shaping its trajectory.
