Shiba Inu has come a long way since the days when it was just a meme coin trying to shed its identity in favor of something more utilitarian.
The official launch of its decentralized platform, Shibaswap, confirmed Shiba Inu’s commitment to growth.
Fast forward to the present and Shibaswap has taken first place in the list of leading Ethereum dapps based on social signals.
This is according to the findings of crypto-analyst Ben GCrypto. This is an impressive feat for DEX, which managed to outpace OpenSea and Bored Ape Yachting Club, which came in second and third, respectively.
Top 10 Ethereum Blockchain Applications Including DApps
Ethereum is a distributed computing platform and operating system with smart contract (scripting) functionality that is open source, public, and blockchain-based.gray dollars monkey dollar $ . height rare dollar hex AXS dollars CRO dollars $ sand pic.twitter.com/wCttkRHCfd
– Ben GCrypto (@GCryptoBen) August 4, 2022
The ranking highlights Shibaswap’s rapid growth considering that it just celebrated its first anniversary in July.
To date, it has managed to list more than 30 digital assets and has attracted approximately $41.72 million in total closed value.
punching in weight
Shibaswap averaged nearly $10.8 million in daily volumes according to nomics.com. For comparison, Uniswap, one of the largest decentralized exchanges, has an average trading volume of over $1 billion.
However, this is not a fair comparison considering that the former has been around for longer than Shibaswap.
Stakeholders may be more interested in the effect of Shibaswap on the price of Shiba Inu.
DEX was supposed to incentivize investors to own SHIB and even its stakes to earn passive income.
This catalytic approach supported SHIB’s strong rally in the third quarter of 2021, but its limited growth has had little impact on SHIB’s price since then.
The supply dynamics at SHIB reveal that a large number of stakeholders are tilting in favor of the bears. The supply on the stock exchanges witnessed a significant increase at the end of July.
The resulting selling pressure canceled any upward trend, giving way to a sideways price movement.
SHIB’s deposit and withdrawal transactions show an interesting note.
Withdrawal transactions outnumbered deposit transactions in the last 30 days.
This confirms that SHIB is enjoying strong demand at its current level despite the selling pressure.
High withdrawals from the exchange are normal at reduced levels. SHIB is trading at a huge discount from its all-time high (ATH).
Shibaswap has so far had a positive impact on SHIB’s performance.
However, its impact is very limited compared to market forces.
The strong growth of the Shibaswap ecosystem is likely to encourage more people to stake their SHIB, but that’s not clear yet.