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Shiba Inu (SHIB) Soars 8% as Shibarium Welcomes ShibaSwap

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Thu, 16/05/2024 - 9:45
Shiba Inu (SHIB) Soars 8% as Shibarium Welcomes ShibaSwap
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Shiba Inu (SHIB) is on a rampage today as the token has soared by more than 8%, joining the broader market momentum. Beyond the general market sentiment, the Shiba Inu revival is powered by the hype surrounding Shibarium, its layer-2 scaling solution.

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ShibaSwap on Shibarium

The Shiba Inu project announced on Wednesday that the much-awaited ShibaSwap decentralized exchange made its way to Shibarium. ShibaSwap is the pioneering DEX associated with the Shiba Inu ecosystem. It was hosted on Ethereum when it launched in 2021.

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The debut on Shibarium highlighted an important transition for the SHIB ecosystem. With ShibaSwap hosted on Shibarium, project innovators on the L2 now have a ready marketplace to host their projects. This might encourage an influx of developers into the ecosystem, which already boasts of a vibrant community.

ShibaSwap and its thriving marketplace might also boost the total transaction count on Shibarium. The daily transaction count on the L2 platform has flattened out since at least April 20. With more swaps on Shibarium, this metric can revive and possibly contribute to the growth in the total number of SHIB tokens sent to burn addresses.

The Shiba Inu price revival also stems from the realization of the impact of the DEX as concerns staking on Shibarium. This can largely help control the circulating supply of SHIB and, hence, price valuation over time.

SHIB price: Where to next?

The current price trend pegs the price of Shiba Inu at $0.00002549, beating the $0.000023 point that has formed a crucial barrier for over a month. With the token breaching this resistance point, it might further stretch to reclaim the $0.00003 mark.

SHIB 1D Chart. Source: CoinMarketCap

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While the token has a confluence of fundamentals to support this ambitious surge, the launch of ShibaSwap on Shibarium can change its future outlook remarkably.

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