Is Shiba Inu (SHIB) Price Headed To the Moon? On-Chain Analytics Indicates Strong Momentum Growth for ShibaSwap
The ShibaSwap ecosystem, which consists of SHIB, $LEASH, and $BONE, has attracted significant worldwide cryptocurrency traders’ attention. Furthermore, the launch of Shibarium layer 2 public beta has stirred up the Shibarmy, which according to on-chain data, consists of more than 1.3 million holders.
Notably, the ShibaSwap ecosystem allows users to stake tokens, provide liquidity, and swap tokens seamlessly. With the launch of Shibarium layer 2 public beta, Shibarmy knows something profitable is cooking behind the scenes.
Moreover, Shiba Inu (SHIB) made many dollar millionaires during the last major cryptocurrency bull market. Backed by lead developer Shytoshi Kusama and its godfather, Ethereum co-founder Vitalik Buterin, Shiba Inu is poised to gain more global popularity despite the effects of the prolonged bear market.
ShibaSwap Onchain Analysis
According to aggregate data from Defillama, ShibaSwap’s on-chain data, including fees, revenue, and volume, has been rising exponentially since the calendar flipped in January. Interestingly, the fees and revenue have rallied from below $50k per day in December to around $250k per day in the past week.
From a decentralized financial ecosystems’ (DeFi) perspective, revenue growth is an essential factor for the growth of the overall ecosystem. Primarily because the revenue generated from decentralized exchanges (DEXs) like ShibaSwap, Uniswap, Sushiswap, and PancakeSwap, among others, is distributed among liquidity providers (LPs).
As a result, most token holders are incentivized to continue providing liquidity, which in turn helps to increase the platform’s liquidity and ultimately contributes to the overall growth of the DeFi ecosystem.
Daily traded volume on ShibaSwap has also increased in the past three months. As a result, market analysts believe the rising demand for ShibaSwap tokens could spark a renewed rally in the coming months.