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This meme coin announced liquidity boost and major update amidst ongoing rally 

By:
on May 15, 2024
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  • Shiba Inu announced the arrival of ShibaSwap DEX on the Layer 2 solution Shibarium on Wednesday.
  • The update boosts liquidity and improves the experience for Shibarium and DEX ShibaSwap users.
  • SHIB added nearly 4% gains on Wednesday, amidst the ongoing meme coin rally in the ecosystem.

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Shiba Inu unveiled its decentralized exchange ShibaSwap on Shibarium. The major update to the interface will allow users to optimize their trading strategies and manage liquidity across blockchains. 

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SHIB price responded positively as traders digested the announcement, with 4% gains on Wednesday. 

Shiba Inu users can benefit from liquidity pools on Shibarium

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The Shiba-Inu-themed meme coin project Shiba Inu unveiled changes to its Layer 2 chain and the Shibarium, its decentralized exchange, in an official tweet on X, early on Wednesday. 

The decentralized exchange ShibaSwap will power the creation of new liquidity pools on Shibarium. Users can swap their tokens across the Ethereum and Shibarium blockchains and add tokens to ShibaSwap DEX by creating a liquidity pool for it. 

Shiba Inu liquidity pools

Traders can optimize their trading strategies and manage liquidity across blockchains through ShibaSwap on Shibarium. 

ShibaSwap users can spot trending tokens, identify yield farming opportunities irrespective of their trading experience, with the latest update. 

Shiba Swap

With higher trading volume on ShibaSwap and Shibarium, stakers and liquidity providers can earn higher rewards and the DEX is expected to emerge as a hub for community tokens. The update could increase the volume of transactions on Shibarium, higher the volume, higher the protocol gas fees and the burn of SHIB token. 

Over 8.2 million SHIB tokens were burnt in the past 24 hours. The token burn rate is down 44% in the past 24 hours, as seen on Shibburn.com. A total of 410 trillion SHIB tokens have been burnt so far, over 41% of the total supply of the meme coin.

Shiba Inu price rallied to a peak of $0.00002466 on Monday, alongside meme coins that observed gains during GameStop’s surge. SHIB is exchanging hands at $0.00002397 on Wednesday. 

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