Shiba Inu has come a long way since the days when it was just a meme coin trying to shed its identity in favor of something more utilitarian.
The official launch of its decentralized platform called Shibaswap confirmed Shiba Inu’s commitment to growth.
Fast forward to the present and Shibaswap has secured the top spot in the list of the leading Ethereum dapps based on social signals.
This is according to findings by crypto analyst Ben GCrypto. This is an impressive feat for the DEX which managed to outdo OpenSea and the Bored Ape Yacht Club which came in second and third consecutively.
Top 10 Ethereum blockchain applications including DApps
Ethereum is a distributed computing platform and operating system with a smart contract (scripting) functionality that is open-source, public, blockchain-based.$SHIB $APE $RISE $RARE $HEX $AXS $CRO $SAND pic.twitter.com/wCttkRHCfd
— Ben GCrypto (@GCryptoBen) August 4, 2022
The ranking highlights Shibaswap’s fast-paced growth considering that it just celebrated its first anniversary in July.
It has so far managed to list more than 30 digital assets and has attracted roughly $41.72 million in total value locked.
Shibaswap averaged roughly $10.8 million in daily volumes according to nomics.com. For comparison, Uniswap, one of the top decentralized exchanges averaged over $1 billion in trading volume.
However, this is not a fair comparison considering that the former has been around longer than Shibaswap.
Stakeholders might be more interested in Shibaswap’s impact on Shiba Inu’s price.
The DEX was supposed to incentivize investors to hold SHIB and even stake it to earn passive income.
This incentivized approach supported SHIB’s strong rally in Q3 2021 but its limited growth has had little impact on SHIB’s price since.
SHIB’s supply dynamics reveal that a substantial number of stakeholders are leaning in favor of the bears. The supply on exchanges saw a considerable rise towards the end of July.
The resulting sell pressure canceled out any upside, giving way to a lateral price movement.
SHIB’s deposit and withdrawal transactions demonstrate an exciting observation.
The number of withdrawal transactions has outweighed deposit transactions in the last 30 days.
This confirms that SHIB is enjoying healthy demand at its current level despite the selling pressure.
Higher exchange withdrawals are normal at discounted levels. SHIB is trading at a sizable discount from its current all-time high (ATH).
Shibaswap has so far had a positive impact on SHIB’s performance.
However, its influence is quite limited compared to market forces.
Robust growth of the Shibaswap ecosystem would likely encourage more people to stake their SHIB, but that remains to be seen.