We all have heard of SHIB coins throughout the years. What is Shibaswap? Is it related to SHIB coins? I mean of course it is. But… How is it related to Shiba, and what is Shibaswap volume in 2022? Let’s find out.
What is ShibaSwap?
Shibaswap, the native decentralized exchange of the Shiba Inu project, was introduced on July 6, 2021. The DEX offers the same services as its rivals, including token trading and liquidity pools.
ShibaSwap's mission is to establish a secure trading platform for cryptocurrencies. As their allegiances lie with the owners of the Shiba Inu coins, they also place a strong emphasis on maintaining the system's complete decentralization.
ShibaSwap Volume 2022
The trading volume of Shibaswap fell even more in July. In July, the market fell from the previous year due to bearish patterns. Shibaswap volume reached $185 million in July 2022.
Due to a reduction in the liquidity poured into alternative coins (altcoins) listed on the platform, Shibaswap experienced a sharp decline in trading volume in July. Despite numerous attempts by the prices of digital assets to rebound, Shibaswap tested a new low in July. According to Be[In]Crypto Research based on information from Dune Analytics, the decentralized exchange (DEX) recorded about $185.61 million throughout the month of July.
Despite the fact that other DEXs had considerably smaller volumes than this one, this value was actually down 0.93% from June. In June, there were roughly $187.35 million in swaps. With the new low, Shibaswap's trading volume from July of last year fell by 89% year over year.
In July 2021, trading volume was close to $1.85 billion. Additionally, the most recent figure fell $72 million short of the volume for this year's peak of $258.22 million in May.
What led to the volume decline?
Given that Shibaswap serves tiny-cap cryptocurrencies with low daily trading volumes, the bearish market sentiment that started to take hold in May exacerbated in June and continued until July.
Along with Shibaswap, other DEXs including Synthetix, Curve Finance, SushiSwap, Balancer, Uniswap, DODO, and Ox Native also experienced volume declines to new lows.
