Over the past 7 days DeFi service ShibaSwap has seen its user base explode, as it increased 338% to more than 16.710 unique active wallets. This renewed success for the DeFi protocol happens alongside increased interest in the SHIB token, which tripled in value over the same time period.
ShibaSwap seems to be turning things around, as the platform lost quite some traction since its launch in July. In late September the Total Value Locked (TVL) in the smart contracts of the platform reached their lowest point around $228 million. Since that time things have changed, and TVL in the protocol has now reached $454.5 million.
Of course the value of SHIB plays a role here, as the token is closely tied to the platform. However, ShibaSwap offers quite an extensive list of trading pairs. Each of those benefits from the current market momentum. Therefore, the TVL of ShibaSwap can’t be solely addressed to the success of SHIB tokens. However, its connection is very clear.
SHIB SHIB Hooray
The SHIB token has one of the strongest runs in recent months, after the hype from May died down. Since June, until last week, the price of SHIB had been moving between $0.00000875 highs and $0.00000631 lows. However, last week the Shiba Inu token broke through its resistance. It shot up in value to $0.00003473, which is roughly 20% below its all-time high.
The success of the token has caused quite a stir in the community, and SHIB became one of the most-talked about tokens. One thing is different now, as there’s now the ShibaSwap platform. Here users can buy and sell NFTs, stake and farm tokens and so on. Many of those actions earn users BONE, the governance token of the ShibaSwap ecosystem.
ShibaSwap isn’t a DeFi protocol that stands out from the crowd in terms of functionalities, but it does have a very strong community-driven origin story. The developers launched the SHIB token on Uniswap late 2020, and only through user activity and discovery the price of the SHIB token increased over time. This happened all organically, powered by hopium and shilling. But from all that speculation, the developers used the increased value to launch their own DeFi platform. Without a doubt the success of SHIB is a good story on its own.
