Shiba Inu has multiple benefits from rise of Shibaswap, but it still needs another boost
Shibaswap, the decentralized exchange platform launched by the Shiba Inu community, has been experiencing a significant growth in revenue. This unexpected rise in revenue could be a positive sign for the growth of the Shiba Inu ecosystem and could benefit the Shiba Inu cryptocurrency.
On March 5, Shibaswap’s revenue exceeded 220,000, which is a significant increase from the same date in the previous month. This growth in revenue could be attributed to the increasing popularity of decentralized finance (DeFi) platforms, which are becoming increasingly popular among cryptocurrency enthusiasts during the L2 rally on the market.
From a DeFi perspective, revenue growth is an important factor for the growth of the overall ecosystem. This is because revenue generated from decentralized exchanges like Shibaswap is distributed among users who provide liquidity to the platform. This incentivizes users to continue providing liquidity, which in turn helps to increase the liquidity of the platform and ultimately contributes to the overall growth of the DeFi ecosystem.
Moreover, revenue growth could also be a sign of increased trading activity on the platform, which could help to increase the adoption of the Shiba Inu cryptocurrency. Increased adoption could also lead to increased demand for the token, which could lead to an increase in its price.
Despite the positive news of Shibaswap’s revenue growth, the Shiba Inu cryptocurrency has been continuously moving downward, trading at $0.00001 at the time of writing. This is likely due to the overall bearish sentiment on the cryptocurrency market, as well as concerns over the potential oversupply of Shiba Inu tokens due to the upcoming airdrop.