Shiba Inu’s new DeFi platform, ShibaSwap, has surpassed $1 billion in total value locked (TVL) in just 24 hours after launch.
Similar to its ‘meme’ cryptocurrency counterpart, DogeCoin, Shiba Inu’s success has been nothing short of impressive, giving ShibaSwap a strong foothold as one of the most popular and liquid decentralized exchanges in the crypto space right after launch.
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SEE ALSO: Decentralized Exchange, dYdX, Raises $65 Million Signaling Growing Interest in DeFi Among Investors
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Following the launch and massive liquidity lock, Ethereum gas fees have seen a noticeable uptick with the $SHIB token being the top gas guzzler in the DeFi space.
In just 24 hours, $SHIB tokens have apparently generated over $1.7 million in fees, making it the most profitable DEX in Ether fees after UniSwap V2 so far.
Launched as a rival of DogeCoin, Shiba Inu has now surpassed the notoriety of DogeCoin and is now a popular crypto in many top exchanges.
Shib is built and powered on the Ethereum network with the current circulating supply standing at roughly 395 million $SHIB.
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RECOMMENDED READING: Crypto Charity: This is Where DogeCoin Charity Funds are Being Used Across Africa
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