Shiba Inu traders are in for a mega surprise with the recent price-performance!
The most recent price performance of the famous Shiba Inu memecoin was quite a surprise for all traders on the market. SHIB token showed the lowest level of average daily volatility in the coin’s entire trading history. The main reason behind it could be tied to the relatively low volume of token burnings. According to the daily chart of the token, SHIB has been moving in one straight line for the last seven days. The price of the asset has not changed by even 1% for a week, which is an unseen price performance for such a historically volatile asset like Shiba Inu.
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 called Shibaswap confirmed Shiba Inu’s commitment to growth. Fast forward to the present and Shibaswap has secured the top spot in the list of the leading Ethereum dapps based on social signals. This is according to findings by crypto analyst Ben GCrypto. This is an impressive feat for the DEX which managed to outdo OpenSea and the Bored Ape Yacht Club which came in second and third consecutively.
Shibaswap averaged roughly $10.8 million in daily volumes according to nomics.com. For comparison, Uniswap, one of the top decentralized exchanges averaged over $1 billion in trading volume. However, this is not a fair comparison considering that the former has been around longer than Shibaswap. Stakeholders might be more interested in Shibaswap’s impact on Shiba Inu’s price. The DEX was supposed to incentivize investors to hold SHIB and even stake it to earn passive income. This incentivized approach supported SHIB’s strong rally in Q3 2021 but its limited growth has had little impact on SHIB’s price since.
Higher exchange withdrawals are normal at discounted levels. SHIB is trading at a sizable 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. Robust growth of the Shibaswap ecosystem would likely encourage more people to stake their SHIB, but that remains to be seen.
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