Shiba Inu launches DEX

Shiba Inu launches DEX
Shiba Inu Coin is enjoying the spotlight once again as the project launched its very own decentralized exchange (DEX). Shiba Inu Coin has been hot news since Elon Musk tweeted about his very own Shiba Inu dog. Thanks to Twitter and the tech behind the coin, Shiba Inu Coin has been dubbed as the “Dogecoin-killer”. With the launch of its own DEX, Shiba Inu Coin is going places.

Shiba Inu Coin - A crypto trader’s best friend

Shiba Inu Coin (SHIB) was created anonymously in August 2020 by a person called Ryoshi. The token is a popular cryptocurrency due to its ability to outpace Dogecoin in terms of price. Hence the nickname of “dogecoin-killer”. Both Dogecoin and SHIB have the Shiba Inu dog as their mascot and seem to have found favour with Elon Musk.

According to the project’s Woofpaper (Shiba Inu white paper), it is an “experiment in decentralized spontaneous community building.”

The project has a token supply of 1 quadrillion of which 50% has been locked as liquidity to Uniswap. The other 50% were sent to Ethereum co-founder Vitalik Buterin for safekeeping. Since February 2021, the price of SHIB has gone up by over 300 000% which means that Buterin’s SHIB tokens are worth more than his ETH holdings. Buterin has about $15 billion worth of SHIB Tokens in his public account whilst his ETH is worth around $1.4 billion.

However, earlier this year Buterin donated over 50 trillion SHIB tokens to the India Covid- Crypto Relief Fund. It is known as the largest crypto donation in history.

The Shiba Inu Coin community also runs a Rescue Shiba Inus global initiative.

How does ShibaSwap work?

The much-awaited ShibaSwap DEX was officially launched on 6 July 2021. Within 1 day since its launch the total value locked on the platform surpassed $1 billion! SHIB is now ranked in the top 30 in terms of total value locked.

The DEX is fully equipped with its own swap interface and facilitates yield farming and a decentralized autonomous organization structure. The entire Shiba Inu ecosystem consists of three tokens namely SHIB, LEASH and BONE. ShibaSwap is built on the Ethereum network. Users can now stake their tokens on ShibaSwap to earn rewards, swap tokens and earn liquidity. For example, if you stake SHIB tokens, you will get xSHIB tokens. Users will get xLEASH for staking LEASH and tBone for staking BONE.

In addition to launching the DEX, the following pairs were added to the platform:
ShibaSwap will also give traders and hodlers access to upcoming NFTs and a variety of other tools like portfolio trackers.

Buy Shiba Inu Coin on AltCoinTrader

In May, AltCoinTrader celebrated the listing of SHIB on South Africa’s favourite cryptocurrency exchange with a phenomenal giveaway. Anyone who had a positive balance in their AltCoinTrader account, received 40 000 SHIB tokens.

With the launch of ShibaSwap, SHIB token holders can now stake their coins and earn even more passive income. Trade your SHIB tokens on AltCoinTrader for a variety of other reputable cryptocurrencies.