Shibu Inu (SHIB) DEX ShibaSwap surpasses $1B TVL 24-hours after launch

[RSRS]

Dogecoin (DOGE) has proven to the world that even a project that started as a joke can gain value and notoriety in the cryptocurrency space. This phenomenon opened the door for multiple ‘meme’ cryptocurrencies to gain a foothold and a quick look at the trending tokens list on CoinMarketCap shows the meme effect has found a s foothold.

The latest meme coin to capture investors' attention is Shiba Inu (SHIB), a project that originally gained notoriety when Ethereum (ETH) creator Vitalik Buterin donated more than $1 billion worth of SHIB to the India Covid relief fund.


SHIB/USDT daily chart. Source: TradingView
While many analysts thought the project would just fade away along with the other meme coins that mooned and then crashed, Shiba Inu has instead emerged as a growing project complete with its own swap interface, yield farm and budding DAO structure.

ShibaSwap launch raises gas costs
Excitement in the Shiba Inu community was ignited on July 6 with the release of ShibaSwap, a newly created swap interface for token holders to utilize.

Wen swap.... #ShibaSwap is now live! https://t.co/h2JK14m1PD

— Shib (@Shibtoken) July 6, 2021
Ethereum gas fees had been near unprecedented lows since the Berlin upgrade but the launch of ShibaSwap resulted in a noticeable uptick in gas costs, a phenomenon highlighted by crypto Twitter trader Joe McCann.

If we check Etherscan we can see that the #1 gas guzzler is the ShibaSwap contract.

 #3 is the $SHIB token.

and #4 is the Shiba migrator. pic.twitter.com/ijrG6Fejxc

— Joe McCann ◎ (@joemccann) July 6, 2021
While the statistics have changed slightly since this tweet was posted, the three contract addresses identified by McCann remain in the top ten gas guzzlers and the Shiba migrator now rank third in terms of fees generated in the last three hours.

Sourch