Folks are paying a lot more attention to ShibaSwap lately. This trading platform, linked to the Shiba Inu cryptocurrency, has seen some pretty big changes in how much trading is happening. In fact, the increase in trading volume on ShibaSwap is happening faster than on some of the more well-known decentralized exchanges out there.
Trading Volume Takes Off
New numbers show that ShibaSwap has had a really good week. The amount of buying and selling on the platform shot up by a massive 244%. That means the total value of trades in the last seven days reached $10 million. Just the week before, it was only around $2.93 million.
This huge jump in activity is the biggest ShibaSwap has seen since the middle of January, when the trading volume was $12.50 million. It seems like people are getting interested in ShibaSwap again, and this lines up with a general positive feeling around the Shiba Inu project.
Trading volume on ShibaSwap soars. Source: Defillama
ShibaSwap’s total trading volume over the last month is now $20.12 million. If you add up all the trading that’s ever happened on the platform, it comes to a whopping $17.18 billion. What’s interesting is that ShibaSwap’s total trading volume is actually higher than some big names in the decentralized exchange world, like PancakeSwap and Hashflow.
SHIB market cap currently at $8.96 billion. Chart: TradingView.com
Lots More Money Flowing In
A report from February said that the total amount of money locked up in ShibaSwap was $2.97 million, spread across 593 different pools where people could lend or borrow crypto. But if we look at the numbers today, things have changed dramatically. People are putting a lot more money into the platform, and the number of these pools has also gone up a lot.
The official ShibaSwap website now says that the total value locked is $67.94 million. The number of liquidity pools has also jumped to 1,097. This is a huge increase in just over a month. The amount of money locked up has gone up by an incredible 2,187%, and the number of pools has increased by 85%.
Source: Shibaswap
Prices Of Shiba Inu Coins Are Up
Overall, things are looking good for the Shiba Inu ecosystem, and we can see that in the prices of its coins. In the last 24 hours, SHIB, the main Shiba Inu coin, has gone up by 14% and is trading at $0.00001521.
Bone ShibaSwap (BONE) has jumped 15% to $0.4178, and Doge Killer (LEASH) is up 5% to $173. This all suggests that there’s a lot of positive energy around the Shiba Inu project as we speak, and ShibaSwap is benefiting from that.
Featured image from Gemini Imagen, chart from TradingView
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