Shiba Inu (SHIB) Jumps 8% Following Shibarium’s Adoption of ShibaSwap

Exciting news for Shiba Inu (SHIB) enthusiasts! The token is making significant moves today, surging by over 8% alongside the general market trend. Fueling this resurgence is the buzz surrounding Shibarium and its layer-2 scaling solution, adding to the excitement.

The Arrival of ShibaSwap on Shibarium

Recently, the Shiba Inu project shared the thrilling news that the much-anticipated ShibaSwap decentralized exchange has landed on Shibarium. This DEX is an integral part of the Shiba Inu ecosystem, originally residing on Ethereum at its launch in 2021.

This move to Shibarium marks a significant milestone for the SHIB ecosystem. By hosting ShibaSwap on Shibarium, developers on the L2 now have a platform to showcase their projects. This could lead to an influx of creative minds into the ecosystem, enhancing the vibrant community it already boasts.

The presence of ShibaSwap on Shibarium is set to boost the overall transaction activity on the platform. Daily transactions on the L2 platform have plateaued since April 20, but with more swaps on Shibarium, this metric is expected to rise, potentially contributing to the increase in SHIB tokens sent to burn addresses.

Furthermore, the revival of Shiba Inu’s price is tied to the impact of the DEX on staking activities within Shibarium. This can play a significant role in managing the circulating supply of SHIB, potentially influencing its price valuation over time.

What’s Next for SHIB Price?

As of now, the price of Shiba Inu sits at $0.00002549, surpassing the crucial $0.000023 barrier that has persisted for over a month. With this resistance level broken, there is potential for SHIB to aim for the $0.00003 mark.

SHIB 1D Chart. Source: CoinMarketCap

With a strong foundation supporting this upward momentum, the introduction of ShibaSwap on Shibarium could pave the way for an exciting future for SHIB.

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