The cryptocurrency market is massive and investors have identified this ever-growing opportunity as a chance to be prepared for the future. Looking at the boom in the increase in the number of investors, many apps and virtual currencies have come over the past few years. One such growing cryptocurrency exchange portal is the ShibaSwap platform which is recently getting a lot of attention from traders and investors. And, some of them are wondering about what is ShibaSwap and more. If you are one of them, then do not worry, here is everything you need to know about it.
What is ShibaSwap?
The newly introduced ShibaSwap platform has caught the eyes of investors successfully as it is Shiba Inu’s own decentralized cryptocurrency exchange. The portal allows buyers to trade between Shiba Inu and other crypto coins. However, currently, it only has the Shiba token for users.
As we all know that the currently Dogecoin is a popular virtual currency backed by many billionaires including Elon Musk, but it was started as a joke. However, what many people are unaware of is that it has also inspired another cryptocurrency called the SHIB coin which is also a joke coin of its own. The most interesting thing about this crypto is that it is promoting itself as a “DOGE Killer”. But, it still has a market capitalization of more than $7 billion as of May 2021.
The SHIB community is said to be more than 300,000 strong and while it may not be completely spontaneous, but it surely is creating a quite huge name of its own in the cryptocurrency community. Moreover, according to the data from May 14, 2021, even after dropping by roughly 50% of its all-time high, the SHIB token is up more than 1,200,000%. It is kind of a huge growth which can hardly be compared to any other coins in its competition.