ShibaSwap Trading Volume Explodes 244% as New Features and dApp Store Attract Users

This trading platform, linked to the Shiba Inu cryptocurrency, has seen some pretty big changes in how much trading is happening.

In the evolving landscape of cryptocurrencies, interest in ShibaSwap, the trading platform linked to the Shiba Inu coin, has been escalating rapidly. This is evident in the substantial shifts observed in trading volume.

Remarkably, the pace at which trading volume on ShibaSwap is increasing outpaces that of several well-known decentralized exchanges.

ShibaSwap’s Trading Volume Soars

Statistics for the past week indicate a 244% surge in trading volume on ShibaSwap, pushing the seven-day figure to $10 million. In contrast, the previous week saw a volume of $2.93 million.

This marks the largest weekly increment since mid-January, when trading volume on the platform reached $12.50 million. Following a period of decline from December 2022, it appears that interest in ShibaSwap is returning, aligning with the overall positive sentiment surrounding the Shiba Inu project.

Over the past month, ShibaSwap’s total trading volume has reached $20.12 million. When considering the entirety of trading activity on the platform, the figure rises to a staggering $17.18 billion. Interestingly, even in the realm of decentralized exchanges, ShibaSwap’s total trading volume surpasses that of renowned platforms like PancakeSwap and Hashflow.

ShibaSwap’s Liquidity Pools Show Triple-Digit Percentage Increases

A report from February indicated that the total value locked (TVL) in ShibaSwap was $2.97 million, distributed across 593 different pools for lending and borrowing crypto. However, examining the figures today reveals a dramatic transformation.

As indicated on the official ShibaSwap website, the TVL stands at $67.94 million, while the number of liquidity pools has reached 1,097.

This represents a 2,187% increase in TVL and a 85% rise in the number of pools over a little more than a month.