Shiba Inu: ShibaSwap to operate on Ethereum, Solana: Impact on SHIB?

• ShibaSwap’s 24-hour trading volume more than doubled. 
• Ecosystem tokens like SHIB and BONE saw impressive spikes in the last 24 hours.

In a major feat for the Shiba Inu [SHIB] ecosystem, decentralized exchange (DEX) ShibaSwap went live on the layer-2 (L2) blockchain Shibarium, ushering in a new multichain era.

The update was provided by Shiba Inu marketing lead Lucie via an X post dated the 1st of May. With the integration, Shibaswap would operate on both the Ethereum [ETH] and Shibarium networks.

The ecosystem’s primary token SHIB was trading at $0.00002245 as of this writing, up 6.4% in the last 24 hours, data from CoinMarketCap showed.

Bone ShibaSwap [BONE], ShibaSwap’s governance token, also got a 5.76% hike in the 24-hour period.

Big boost for ShibaSwap

Since its launch in July 2021, ShibaSwap has been functioning on the Ethereum blockchain as a DEX, offering services like staking, liquidity pools, and yield farming.

The platform has handled trades worth more than $17 billion as of this writing, AMBCrypto noted using DeFiLlama data. In the last 24 hours, the trading volume more than doubled to $2.55 million.

Shibarium was due for a hard fork on the 2nd of May, in a bid to make the network faster and more cost-effective.

The improved network performance could provide just the right ecosystem for ShibaSwap to grow further.

What’s in there for SHIB?

Utility projects like ShibaSwap and Shibarium were planned steps by the Shiba Inu ecosystem to rise above the meme coin status and add utility to native tokens.

The news of Shibarum’s integration not only caused SHIB to spike, but resulted in a dramatic increase in the new addresses created on the network, AMBCrypto noted using Santiment data.

Source: Santiment

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

The daily active addresses also spiked 11% on the 1st of May. The positive commentary around the coin also increased, as evidenced by the weighted sentiment indicator.

Like the broader market, the second-largest meme coin had a rough April, losing more than 12% throughout the month.