The growth of the ShibaSwap platform to other blockchains widens the adoption of Shiba Inu as the top Ethereum-based meme coin.
The Shiba Inu community largely relies on the ShibaSwap platform to ensure deep liquidity for the ecosystem’s tokens.
Shiba Inu (SHIB) has grown over the past year to a major web3 network with a vibrant online community on the Ethereum blockchain. The mid-cap altcoin, with a fully diluted valuation of about $22 billion, has attained more than 1.3 million on-chain holders since its inception.
In a bid to retain its global relevancy, the Shiba Inu core developers have been improving the ecosystem including the Shibarium scaling solution and ShibaSwap protocol. As Crypto News Flash recently reported, the Shiba Inu developer team has been preparing for a major upgrade on the Shibarium network, scheduled for later this week.
The constant network developments are geared towards enabling the mass adoption of SHIB and its ecosystem of tokens led by LEASH, and BONE.
ShibaSwap is Now Available on Shibarium and Ethereum Networks
On April 29, 2024, Lucie, the marketing lead for the Shiba Inu ecosystem, announced that ShibaSwap, a decentralized exchange (DEX) that uses BONE token for governance and fee payment, will now operate on both the Ethereum network and Shibarium layer two scaling solution.
The announcement is a major milestone for the mainstream adoption of Shiba Inu and its tokens. Moreover, the Ethereum network remains the most sought-after altcoin by institutional investors due to its utility.
Already, Hong Kong has registered more than $3 million in total daily traded volume for the spot Ether ETFs on its debut. Meanwhile, the debate for spot Ether ETF approval in the United States has recently escalated with the US SEC recently charged by Consensys for attempting to label Ether security.
Market Impact on ShibaSwap and BONE Price Action
Bone ShibaSwap (BONE) price has been on a falling trajectory in the past few weeks to trade around 57 cents on Tuesday. The small-cap meme coin has a fully diluted valuation of about $143 million and a daily average traded volume of around $6.9 million.
The recent development will enable BONE market share, which currently has a liquidity of around $3.4 million, to rise exponentially in the coming quarters. As of this report, the ShibaSwap protocol had a total value locked (TVL) of about $24 million.
Shiba Inu Price Action
As with the rest of the altcoin industry, SHIB’s price has been trapped in a correction mode for the past few weeks. The second largest meme coin by market value is aiming to retest the all-time high after a successful bullish breakout earlier this year. Worth noting that the SHIB’s weekly Relative Strength Index (RSI) recently scaled above the 70 level for the first time since the 2021 bull cycle.
Despite the notable competition in the meme coin industry, Shiba Inu remains the undisputed leader in the Ethereum ecosystem. Trading around $0.0000222 on Tuesday, April 30, 2024, Shiba Inu’s price is around 74 percent away from reaching a new ATH.
