Solana
Shiba Inu: ShibaSwap will operate on Ethereum, Solana: Impact on SHIB?
- ShibaSwap’s 24-hour trading volume more than doubled.
- Ecosystem tokens like SHIB and BONE have seen impressive spikes over the past 24 hours.
In a major feat for the Shiba Inu [SHIB] ecosystem, decentralized exchange (DEX) ShibaSwap has gone live on the layer 2 (L2) blockchain Shibarium, ushering in a new multi-chain era.
The update was provided by Shiba Inu Marketing Manager Lucy via an X post dated May 1st. With the integration, Shibaswap would work on both the Ethereum [ETH] and Shibarium networks.
The ecosystem’s leading token, SHIB, was trading at $0.00002245 at the time of writing, up 6.4% in the past 24 hours, according to data from CoinMarketCap watch.
Os ShibaSwap [BONE]the governance token of ShibaSwap, also obtained a Increase of 5.76% in the 24 hour period.
Big boost for ShibaSwap
Since its launch in July 2021, ShibaSwap has operated on the Ethereum blockchain as a DEX, offering services such as staking, liquidity pools, and yield farming.
The platform has processed transactions worth over $17 billion as of this writing, AMBCrypto noted using DeFiLlama data. Over the past 24 hours, trading volume more than doubled to $2.55 million.
Shibarium was scheduled to undergo a hard fork on May 2, with the aim of making the network faster and more cost-effective.
Improving network performance could provide the ideal ecosystem for ShibaSwap to grow further.
What’s in it for SHIB?
Utility projects such as ShibaSwap and Shibarium were planned steps by the Shiba Inu ecosystem to move beyond meme coin status and add utility to native tokens.
News of Shibarum’s integration not only caused a surge in SHIB, but also led to a dramatic increase in the number of new addresses created on the network, AMBCrypto noted using data from Santiment.
Source: Santiment
Read Shiba Inu [SHIB] Price prediction 2024-25
Daily active addresses also jumped 11% on May 1. Positive comments around the coin have also increased, as evidenced by the weighted sentiment indicator.
Like the broader market, the second-largest meme coin had a rough April, losing over 12% throughout the month.