The crypto boom in early 2021 has spawned thousands of meme tokens, meaningless projects created solely to reach the masses, drive up the price and create a community of hundreds of thousands of token holders. The reason is that Dogecoin, a Bitcoin fork with an unlimited token offering, created hundreds of new millionaires because of Elon Musk's Tweets directed at the meme token. Everyone is trying to replicate the success of Dogecoin, however, some of these meme tokens have managed to evolve to the point of becoming a serious and successful project, even surpassing projects that have been active for 5-7 years with teams of dozens or even hundreds of people behind them. One such project is Shiba, which has even launched its own DEX: ShibaSwap!
What is the Shiba Inu Crypto (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 in daily trading) and when Vitalik Buterin, who had received half of the offer as a gift from the team, sold part of his tokens and then sent the rest to various charities! In this case, there was a massive sale that destroyed the value of the token, making it look like 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 locked value in just a few hours. Currently, the numbers are close to $230 million and the project seems to have the firm intention to compete with Uniswap, SushiSwap and so on. Since its arrival, ShibaSwap has caused Ethereum's fees to rise sharply, reminiscent of the 200-300 gwei days caused by the Shiba Inu token exchange (prior to its listing on Binance). To understand the size of ShibaSwap, just make a quick comparison with QuickSwap, which is the largest decentralized exchange on Polygon (Matic): 230M vs 700M TVL. How crazy is that?
To use their exchange, simply open the homepage and connect an Ethereum wallet like MetaMask. From the homepage, you can add liquidity to your favorite pairs (DIG), get a BURY (via staking) and earn WOOF tokens using the Swap feature. The project would like to introduce a passive win system and then proceed to NFTs, a hot topic at the beginning of this year that seems ready to return after this bearish summer! In short, there is a bit of everything on the exchange and it confirms that a token meme can turn into a serious project and guarantee gains for its holders in the long run. Who knows what other similar tokens, such as Dogecoin or Dogelon, will do?
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