Dogecoin (DOGE) has proven to the world that even a project that started as a joke can gain value and notoriety in the cryptocurrency space. This phenomenon opened the door for several “meme” cryptocurrencies to gain a foothold, and a quick look at the trending token list on CoinMarketCap shows that the meme effect has taken hold.
The latest meme coin to grab the attention of investors is Shiba Inu (SHIB), a project originally known as the creator of Ethereum (ETH) Vitalik Buterin, SHIB worth more than 1 billion US dollars donated to the India Covid Relief Fund.
While many analysts thought the project would simply disappear along with the other meme coins that mooned and then crashed, Shiba Inu has instead become a growing project with its own swap interface, income farm, and burgeoning DAO structure.
Introduction of ShibaSwap increases gas costs
The excitement in the Shiba Inu community was sparked on July 6th with the release of ShibaSwap, a newly created swap interface that token holders can use.
Wen swap …. #ShibaSwap is now live! https://t.co/h2JK14m1PD #ShibArmy
– Shib (@Shibtoken) July 6, 2021
Ethereum gas fees have been near unprecedented low since the Berlin upgrade, but the introduction of ShibaSwap resulted in a noticeable spike in gas costs, a phenomenon highlighted by crypto Twitter trader Joe McCann.
If we check Etherscan we can see that the ShibaSwap contract is the biggest gas hog.
# 3 is the $ SHIB token.
and # 4 is the Shiba migrator. pic.twitter.com/ijrG6Fejxc
– Joe McCann (@joemccann) July 6, 2021
While the statistics have changed slightly since this tweet was published, the three contract addresses identified by McCann remain in the top ten fuel guzzlers and the Shiba migrator now ranks third among the fees generated in the last three hours.
As can be seen in the table above, Uniswap V2 is the only other contract that has generated more Ether fees in the last 24 hours, and the three SHIB-related contracts combined have more than 1.7 million in the last 24 hours US dollars generated in fees.
The total value of ShibaSwap exceeds $ 1 billion
While some networks have been accused of using spam transactions to increase on-chain activity, Shiba Inu has not, as the total value of the platform topped $ 1 billion just a day after it was launched.
$ 1 billion #TVL (Total Value Locked) in a single day!
Come to https://t.co/P8p0pb5uoZ and Stake (BURY), Farm (DIG), get rewards and exchange your tokens with us. #ShibaSwap #ShibArmy #Crypto $ SHIB $ LEASH $ BONE pic.twitter.com/Ldi5FmvHpH
– Shib (@Shibtoken) July 7, 2021
This is a strong sign of support for the newly released interface, which is now in the top 30 for total banned score based on data from Defi Llama.
At the time of writing, the project has more value than Quickswap (QUICK) and Mdex (MDX).
The initial excitement following Shibaswap’s release resulted in a 14 percent increase in SHIB price on July 6, but since then the price has fallen to its current value of $ 0.00000867, 78% below its all-time high of 0.0000388 $ lies.
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