Shiba Inu has come a long way since it was just an attempt to shed its identity in favor of something more practical.
The official launch of its decentralized platform called Shibaswap confirms Shiba Inu’s commitment to growth.
Fast forward to now and Shibaswap is at the top of the list of leading Ethereum dapps based on social signals.
This is according to the findings of crypto analyst Ben GCrypto. This was an impressive feat for DEX, which managed to outperform OpenSea and the Bored Ape Yacht Club, which placed second and third in a row.
Top 10 Ethereum blockchain applications including DApps
Ethereum is a distributed computing platform and operating system with open-source, public, blockchain-based smart contract (scripting) capabilities.$SHIB $ape $ rise $rare $hex $AXS $CRO $ sand pic.twitter.com/wCttkRHCfd
— Ben GCrypto (@GCryptoBen) August 4, 2022
Considering that Shibaswap just celebrated its one-year anniversary in July, the ranking underscores its rapid growth.
So far, it has successfully listed more than 30 digital assets and attracted approximately $41.72 million in total locked value.
Punching in its weight range
The average daily trading volume on Shibaswap is around $10.8 million. Economic NetIn comparison, Uniswap, one of the top decentralized exchanges, has an average trading volume of over $1 billion.
However, considering the former has been around longer than Shibaswap, this is not a fair comparison.
Stakeholders may be more interested in Shibaswap’s impact on Shiba Inu prices.
DEXs should incentivize investors to hold SHIB and even stake it to earn passive income.
This incentive supported SHIB’s strong rebound in Q3 2021, but its limited growth has had little impact on the price of SHIB since then.
The supply dynamics of SHIB show that a large number of stakeholders are inclined to bear. Supply on exchanges increased significantly at the end of July.
The resulting selling pressure offset any upside, giving way to sideways price action.
SHIB’s deposit and withdrawal transactions present an exciting observation.
Withdrawal transactions outnumbered deposit transactions in the past 30 days.
This confirms that despite the selling pressure, SHIB is enjoying healthy demand at current levels.
Higher FX withdrawals at discounted levels are normal. SHIB is trading at a considerable discount to its current all-time high (ATH).
To date, Shibaswap has had a positive impact on SHIB’s performance.
However, its influence is rather limited compared to market forces.
The strong growth of the Shibaswap ecosystem may encourage more people to use their SHIB, but that remains to be seen.