DeFi Exchanges

ShibaSwap: When a Meme Token becomes a Serious Business

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The crypto boom in early 2021 gave birth to thousands of meme tokens, meaningless projects created solely to reach the masses, pump up the price and create a community of hundreds of thousands of token holders. The reason for this is that Dogecoin, a fork of Bitcoin with no token economy and unlimited supply, has created hundreds of new millionaires because of Elon Musk’s Tweets directed at this meme token. Everyone is trying to replicate Dogecoin’s success, however, some of these meme tokens have managed to evolve so much to become a serious and successful project, surpassing even projects that have been active for 5-7 years and have teams of tens if not hundreds of people behind them. One of these projects is Shib, which launched its own exchange a few days ago: ShibaSwap!

What is Shiba Inu (SHIB)?

This project, which is currently approaching one million token holders, became super famous on two occasions: when Binance decided to list it even though it was a meme token (so as not to lose the billions of dollars of daily trading) and when Vitalik Buterin, who had received half of the supply as a gift from the team, sold part of his tokens and then sent the rest to various charities! In that case, there was a mass sale that destroyed the value of the token, making it seem as if the project was over! Fortunately, we were wrong. The project is still standing and has grown so much that it has created its own decentralized exchange. Not to mention that the project has also been verified on Twitter, earning the famous blue badge that Crypto Twitter loves so much.

What is ShibaSwap

ShibaSwap is a decentralized exchange that has surpassed $1 billion in Total Value Locked in just a few hours. Right now the numbers are close to 1.5 billion and the project seems to have every intention of competing with Uniswap, SushiSwap and so on. Since its arrival, ShibaSwap has caused a sharp increase in Ethereum’s fees, reminding us of the days of 200-300 gwei caused by the trading of the Shiba Inu token (before it was listed on Binance). To understand the size of ShibaSwap, it is enough to make a quick comparison with QuickSwap, which is the largest decentralized exchange on Polygon (Matic): 1.45B versus 1.03B of TVL. Crazy, right?

To use their exchange simply open the homepage and connect an Ethereum wallet like MetaMask. From the home page, you can add liquidity to your favourite pairs (DIG), get BURY (via staking) and earn WOOF tokens while using the Swap function. The project would like to introduce a passive earning system and then proceed with NFTs, a hot topic at the beginning of this year that seems ready to come back after this bearish summer! In short, there is a bit of everything on the exchange and this confirms that even a Meme token can turn into a serious project and guarantee earnings for its holders in the long term. Who knows what other similar tokens will do, such as SafeMoon, SafeMars, DogeCoin etc.? 

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