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.
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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