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The Shiba Inu has come a long way since it was just a meme trying to shed its identity in favor of something more utilitarian.
The official launch of its decentralized platform called Shibaswap confirmed Shiba Inu’s commitment to growth.
Fast forward to the present and Shibaswap has secured the top spot on the list of top Ethereum apps based on social tokens.
This is according to the findings of crypto analyst Ben GCrypto. This is an impressive feat for DEX who managed to beat OpenSea and Bored Ape Yacht Club who came second and third respectively.
Top 10 Ethereum blockchain apps including DApps
Ethereum is an open source, public, blockchain-based distributed computing platform and operating system with smart contract (scripting) functionality.$SHIB $APE $LIFT $RARE $HEX $AXS $CRO $SAND pic.twitter.com/wCttkRHCfd
— Ben GCrypto (@GCryptoBen) August 4, 2022
The ranking highlights Shibaswap’s rapid growth, given that it just celebrated its first anniversary in July.
So far it has managed to list more than 30 digital assets and has attracted around $41.72 million in total value locked.
Punch in his weight
Shibaswap averaged about $10.8 million in daily volumes according to nomics.com. For comparison, Uniswap, one of the leading decentralized exchanges had an average trading volume of over $1 billion.
However, this is not a fair comparison since the former was more than Shibaswap.
Interested parties may be more interested in the impact of Shibaswap on Shiba Inu price.
The DEX was supposed to encourage investors to own SHIB and even stake it to earn passive income.
This bullish approach supported SHIB’s strong rally in Q3 2021, but its limited growth has had little impact on SHIB’s price since then.
Source: TradingView
SHIB’s bid dynamics reveal that a significant number of stakeholders are leaning in favor of the bears. The supply on the stock exchanges saw a significant increase towards the end of July.
The resulting selling pressure nullified any uptrend, giving way to a sideways price movement.
Source: Santiment
SHIB’s deposit and withdrawal transactions show an interesting observation.
The number of withdrawal transactions exceeds deposit transactions in the last 30 days.
This confirms that SHIB is enjoying healthy demand at its current level despite selling pressure.
Source: Santiment
Higher forex withdrawals are normal at discounted levels. SHIB is trading at a significant discount from its current all-time high (ATH).
Shibaswap has so far had a positive impact on SHIB’s performance.
However, its influence is quite limited compared to market forces.
The strong growth of the Shibaswap ecosystem would likely encourage more people to stake their SHIB, but that remains to be seen.
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