Meme Coin, SHIBA INU ($SHIB), Launches the SHIBASWAP DEX Surpassing $1 Billion TVL in Just 24-Hours

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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 ALSODecentralized 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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