- Just launched ShibaSwap surpassed $1 billion in TVL.
- The DEX launched amid a lot of excitement in the SHIB community.
- However, the DEX has caused a surge in ETH’s gas fee.
Shiba Inu’s just launched DeFi decentralized exchange ShibaSwap just surpassed $1 billion total value locked within 24 hours. The record TVL means the DEX now ranks in the top 30 according to DeFi Llama.
Notably, Shiba Inu is a top meme token similar to the wildly popular Dogecoin. Also, like sister coin DOGE, Shiba Inu rose to prominence after being endorsed by a popular personality. However, in Shiba’s defense, it was for a worthy cause.
This is because the meme coin became popular after Ethereum co-founder Vitalik Buterin donated over $1 billion worth of SHIB. Buterin made the donation to the India Covid Relief Fund.
Since then, SHIB has defied critics by continuing to develop its ecosystem. For instance, the project has built its own swap interface, yield farm, and is working on its DAO. As such, ShibaSwap launch amid great excitement within the SHIB community. In addition, the DEX is allegedly fueling gas prices on the ETH network.
Apparently, Ethereum gas prices had plunged since the Berlin upgrade. However, the ShibaSwap launch caused the network’s gas fees to spike.
In fact, one crypto trader Joe McCann noted that according to Etherscan two out of three top ETH “gas guzzlers,” at the time, were part of the SHIB network. To be specific, ShibaSwap took the top spot, while $SHIB token came in third. Also, the Shiba migrator came in fourth.
At the same time, the ShibaSwap launch caused SHIB price to surge by 14%. At the time of writing, SHIB is trading at $0.00000791 with a $429,333,330 trading volume.