ShibaSwap, the swapping service from the creators of the immensely popular SHIB meme coin, has seen remarkable growth in terms of users in the past week. ShibaSwap attracted 101% more user wallets compared to the previous week while generating upwards of $64.3 million in trading volume.
One of the main drivers of activity for the swapping service is the impressive bull run SHIB has gone through in recent weeks. SHIB, the native token for the whole Shiba Inu ecosystem, continues to see steady valuation increases. At the time of writing, one SHIB token is worth $0.00007, an increase of 157.92% in just seven days.
SHIB, LEASH, and BONE
Shiba Inu founder Ryoshi had a single goal when creating this meme coin. He wanted to build the first absolutely community-governed token ecosystem. As interest towards SHIB grew, plans evolved, and he incorporated services like ShibaSwap, and two more tokens: LEASH and BONE.
Of course, SHIB remains the central element of the whole ecosystem. This is the foundation of all other services available in the Shiba Inu network and the main investment opportunity. Impressively, SHIB has been through a rollercoaster of ups and downs in terms of valuation. However, a strong community interest has pushed the price for one SHIB token to the moon. In 30 days, SHIB gained 901.53% in terms of valuation. This, in turn, boosted the market cap for the token to an impressive $61.59 billion, overtaking its older meme coin brother DOGE in the process.
LEASH is the second biggest token in the Shiba Inu ecosystem. While it was initially intended as a release token to help with liquidity on ShibaSwap, LEASH is now attracting investors as well. Because of the extremely limited supply, there are only 107.646 tokens, LEASH has seen its price jump significantly. In essence, LEASH is the absolute opposite of SHIB in terms of supply and purpose. However, investors are flocking to buy. At the time of writing, the price for one LEASH token is $2,684, an increase of 52.85% in the past seven days.
Last but not least, we have BONE. BONE is the governance token of the Shiba Inu ecosystem. It allows holders to participate in votes regarding upcoming proposals in Doggy DAO. Additionally, BONE is intended as the mediator token that comes between SHIB and LEASH. With a total supply of 250,000,000 tokens, BONE also plays an important role when it comes to liquidity pools on ShibaSwap. In the past seven days, the price for one BONE token jumped 59.52%, and is now $2.68.
What can you do on ShibaSwap?
SHIB, LEASH, and BONE come together to create ShibaSwap. ShibaSwap gives users the ability to dig (provide liquidity), bury (stake), and swap tokens. Interestingly, active users also participate in the ShibaSwap rewards system, which entitles users to Woof Returns.
DeFi is not going anywhere any time soon, and exchange and swapping services are still the best way to navigate the space. Interestingly, more tokens and decentralized finance ecosystems are opting to create their very own swapping services. ShibaSwap is just one example. Judging by the boost in activity, which tightly corresponds with price hikes for the native token SHIB, this might not be such a bad idea. Importantly, having an official swapping service launched by the creators of the token you’re looking to buy, adds a layer of trust and security that should not be underestimated.
DappRadar will continue monitoring both ShibaSwap and the three tokens connected in the Shiba Inu ecosystem. If you want the most up-to-date information regarding SHIB and ShibaSwap, follow DappRadar on Twitter and Discord.
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