Shiba Inu ‘devastatingly’ fails in DeFi safety score yet its DEX locks in $1.5B in a day

On July 6, the makers of the dog-inspired cryptocurrency Shiba Inu (SHIB) have launched the decentralized exchange (DEX) ShibaSwap. Following the rollout, the Twitter account of the SHIBA ecosystem revealed that ShibaSwap has secured over $1.5 billion of Total Value Locked (TVL) in just one day.

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The TVL is a metric that represents the number of assets that are being staked in a particular protocol.

Security concerns
Despite the impressive starting TVL of the Shiba DEX, DeFi experts raised concerns over the safety of the project.

The DeFi Safety, which reviews the processes and transparency of crypto projects, gave the protocol a score of just 3%, which is far too low compared with other DEX projects such as Loopring, which has a score of 82%, Gnosis DEX, which has a score of 91%, and Bancor with a score of 96%.

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ShibaSwap passed only two of DeFi Safety’s 22 review criteria. It scored low because of the project’s anonymous team and lack of transparency and documentation, among others.

In a tweet, the review platform described ShibaSwap’s 3% score as “a devastating” and called it “a prime example of what absolute negligence looks like in a protocol”.

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DeFi analyst Chris Blec also commented on the protocol’s safety issues, warning that funds locked in ShibaSwap can be drained by a single Ethereum (ETH) account.

Solidity developer Joseph Schiarizzi also warned about the project. In an article on Medium, he explained how funds can be stolen from ShibaSwap staking contracts. He nonetheless gave the developers some advice on how to fix the issues and make the funds more secure.

“If the devs do all of these things immediately, I will take back my criticism and say this isn’t a scam. Until then, this staking contract is a scam, despite hundreds of millions being locked into it,” Schiarizz wrote.

The value of SHIB increased by 14% following the launch of ShibaSwap on July 6 but its price has since dropped. At the time of writing the price of the token is $0.00000797, according to data from CoinMarketCap.

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The recently launched dapp on the Ethereum blockchain, Shibaswap, has a high APR for staking Liquidity Provider tokens, however, the developer can easy remove all liquidity staked in the smart contract and steal funds. Let’s walk through the code and show how it is unsafe,

then show how the dev can fix this particular issue.
First a quick primer on Liquidity Pools, AMMs like Uniswap that allow you to swap between different tokens safely and efficiently, and LP staking programs:

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Liquidity is typically represented by discrete orders placed by individuals onto a centrally operated order book. A participant looking to provide liquidity or make markets must actively manage their orders, continuously updating them in response to the activity of others in the marketplace.
While order books are foundational to finance and work great for certain usecases, they suffer from a few important limitations that are especially magnified when applied to a decentralized or blockchain-native setting. Order books require intermediary infrastructure to host the orderbook and match orders.

This creates points of control and adds additional layers of complexity. They also require active participation and management from market makers who usually use sophsticated infrastructure and algorithms, limiting participation to advanced traders. Order books were invented in a world with relatively few assets being traded, so it is not surprising they aren’t ideal for an ecosystem where anyone can create their own token and those tokens usually have low liquidity. In sum, with the infrastrucural trade-offs presented by a platform like Ethereum, order books are not the native architecture for implementing a liquidity protocol on a blockchain.

How’sSHIBMoving After the Launch of ShibaSwap

Emerging memecoin Shiba Inu (SHIB) is on a downtrend early on Thursday, as the bearish mood in the crypto sector extends beyond market leaders BTC and ETH, weighing on almost all digital currencies across the board. At the time of writing, SHIB/USDT is trading around $0.0000080, down by almost 8% in the past 24 hours.

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Earlier this week, the potential DOGE killer enjoyed quite the boost, soaring by over 6% on launch of the eagerly awaited decentralized exchange (DEX), ShibaSwap. In addition, news of integration of SHIB on Shopping.io’s platform, letting consumers make purchases from leading retailers such as Amazon, eBay and Walmart also supported the strong uptrend seen in Shiba Inu recently.

ShibaSwap will allow users to trade a variety of dog-based memecoins, a move that can potentially increase interest in the SHIB token in the near future. The DEX appears to be powered by SHIB as well a new token called LEASH.

According to developers, a new token named BONE will also be made available for trading soon. Shiba Inu’s prospects could be raised even higher as the developers plan to empower the digital currency with support for NFTs via ShibaSwap as well in the coming months.

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Key Levels to Watch
On the 4-hour chart of SHIB/USDT, most of the moving averages, except the 100 SMA and the 200 SMA, as well as the MACD are exhibiting a bearish bias. However, the momentum indicator is signaling some buying interest.

Although, Shiba Inu’s price has some catching up to do to reach the pivot point at $0.0000086 before the outlook turns bullish. In the meantime, pay attention to the immediate support at $0.0000076 in case selling pressure builds up further. If this is broken, we can see sellers take the price even lower, towards the next support at 0.0000066.

Shiba Inu (SHIB) is making small gains into Tuesday and looks set to cross a key level and make its way higher towards $0.000010, as we have been forecasting since the beginning of the current week. At the time of writing, SHIB/USDT is trading around $$0.0000087.

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After testing and rising back up from a key support level over the past few sessions, it looks like buyer confidence in the memecoin is building up as its price gets ready to breakout to the higher side. However, such a move can only sustain so long as the market sentiment towards cryptocurrencies in general remains positive as it has done in the recent sessions.

The uptrend in Shiba Inu has been supported by a sense of optimism among crypto investors today as the leading digital currency, Bitcoin, takes another shot at the key $35,000 level. Although its price has slipped below $34,000, there is some hope that the bear run in the space could be coming to an end.

The Shiba Inu coin could also be boosted by Shopping.io’s recent announcement that it will now accept payments in SHIB for users to shop online on leading retailers, Amazon, eBay and Walmart. The announcement also drove SHIB to become the most trending cryptocurrency on Twitter through the previous session.

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Key Levels to Watch
We can see on the H4 chart of SHIB/USDT that most of the moving averages are suggesting a bullish bias. However, the momentum indicator is signaling some bearish pressure as well.

Shiba Inu’s price is holding right above the pivot point which sits at $0.86. Buyers will now face resistance at $0.97 as they attempt to take the Doge killer higher in the near-term. The next resistance they are likely to encounter sits right on the key level at $0.000010.

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The rising popularity of the memecoin among the online community has led several analysts and observers to take closer notice of the Shiba Inu coin lately, just a few months after dismissing it as a joke. The digital asset has been gaining further attention lately not only on the back of increased interest in Dogecoin (DOGE) but also recent interest from Tesla CEO Elon Musk, which has convinced fans that it could soon become the next hot cryptocurrency for Musk.

Recently, a crypto analyst and influencer who goes under the pseudonym Coin Bureau shared his reasons for turning bullish about SHIB’s prospects via a video on his YouTube channel which has over 1.1 million subscribers. He talked about how Shiba Inu has more applications beyond being a method to transfer payments digitally, unlike Dogecoin.

Shiba Inu price slips up but stays above key levels, 40% upswing still on horizon

Shiba Inu price dropped abruptly to the $0.00000811 support level as the cryptocurrency markets took a hit.
Although SHIB could crash another 14%, the potential retest of the $0.00001120 resistance barrier remains intact.

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A decisive 4-hour candlestick close below $0.00000700 will invalidate the bullish thesis.
Shiba Inu price was on a steady uptrend, retesting crucial supply barriers. However, due to a sudden pullback in Bitcoin price, altcoins have also experienced a minor headwind.

Despite this blockade, the bullish scenario for SHIB remains in place.

Shiba Inu price stays strong
Shiba Inu price pushed past the 50% Fibonacci retracement level on July 6 to tag the subsequent barrier at $0.00000954. However, as the cryptocurrency markets took a plunge, so did SHIB. This down move breached through $0.00000954 and is currently testing $0.00000811.

While Shiba Inu price could take off from its current position, investors should not neglect an extension of this pullback to $0.00000739 or $0.00000700.

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A bounce from either of the levels will need to slice through the range’s midpoint at $0.00000870.

If this were to happen, it would confirm a new uptrend and might propel SHIB to $0.00000954, $0.00001010 or even $$0.00001070. These barriers are highly resilient and have reversed the uptrend five times over the past 43 days.

Therefore, a decisive 4-hour candlestick close above $0.00001070 might propel the meme coin to tag the $0.00000112 resistance barrier or the range high at $0.00001220.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, the downswing that pushes Shiba Inu price to shatter $0.00000700 will put the optimistic scenario on hold. If the bulls make a comeback, the uptrend will likely resume.

However, a failure to reclaim $0.00000700 will indicate weak buying pressure and invalidate the bullish thesis.

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In such a case, SHIB might move 10% to tag the support level at $0.00000624.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

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You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature.

Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Bitcoin, Dogecoin & Shiba Inu – American Wrap 07 July

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Rough Q2 for BTC to headline Tesla earnings, while ETH may drop 30%
Bitcoin price has been unable to fulfill expectations of a meaningful rally after triggering a multi-month head-and-shoulders pattern.

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Meanwhile, Ethereum price shows exhaustion and may be near a significant decline. XRP price remains unchanged, offering few clues as to directional intentions.

Dogecoin price caught in a bull-trap, DOGE looks for support below $0.20
Dogecoin price is a bit of an outlier this week since it does not seem to fit that narrative. It missed the boat with the jump to the upside. Instead, it burnt its fingers again on the $0.28-level only to trade lower.

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Shiba Inu Price Prediction: SHIB is a compelling opportunity above $0.00000936
Shiba Inu price has been engaged in a multi-week bottoming process that illustrates an inverse head-and-shoulders pattern and a precise trigger. The completion of the right shoulder should be near as SHIB seeks a rally of 80% based on the measured move of the pattern.

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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

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You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature.

Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Shiba Inu Is A Product Of A Meme Coin

Shiba Inu new DeFi platform, ShibaSwap, has topped $1 billion in total value locked in just 24 hours after launch, and it is hiking Ethereum network fees.

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Shiba Inu Is A Product Of A Meme Coin
Dogecoin (DOGE) has shown the world that even a joke project can grow in value and notoriety in the cryptocurrency sector. This phenomena paved the way for a slew of ‘meme’ cryptocurrencies to emerge, and a quick glance at CoinMarketCap’s trending tokens list reveals that the meme effect has taken hold, this of course Shiba Inu.

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Shiba Inu (SHIB), the latest meme coin to catch investors’ attention, rose to prominence after Ethereum (ETH) developer Vitalik Buterin donated more than $1 billion worth of SHIB to the India Covid relief fund.

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SHIB/USDT daily chart. Source: TradingView
While many observers expected Shiba Inu to go away like the other meme coins that rose to prominence and then plummeted, it has instead grown into a thriving project with its own swap interface, yield farm, and emerging DAO structure.

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TVL In ShibaSwap Surpasses $1 billion, Hikes ETH Gas Fees
While some networks have been accused of employing spam transactions to boost on-chain activity, Shiba Inu has reached $1 billion in total value locked on the platform just one day after its inception.

According to data from Defi Llama, this is a strong indicator of support for the newly released interface, which now ranks in the top 30 in terms of total value locked.

The project is currently worth more than Quickswap (QUICK) and Mdex (MDX) at the time of writing (MDX).

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The early enthusiasm surrounding the debut of Shibaswap resulted in a 14 percent increase in the price of Shiba inu on July 6, but the price has since fallen to $0.00000867, which is 78 percent lower than the all-time high of $0.0000388.

Since the Berlin upgrade, Ethereum gas fees had been around historic lows, but the debut of ShibaSwap resulted in a notable increase in gas costs, as crypto Twitter trader Joe McCann pointed out.

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The three contract addresses reported by McCann remain in the top 10 gas guzzlers, and the Shiba migrator now ranks third in terms of fees collected in the last three hours, albeit the figures have moved slightly after this tweet was written.

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Top 11 Ethereum gas guzzlers. Source: Etherscan
As shown in the table above, Uniswap V2 is the only other contract that has generated more Ether fees in the last 24 hours, and the three SHIB-related contracts have collectively generated more than $1.7 million in fees.

SHIB DEX ShibaSwap surpasses $1B

24-hours after launching, SHIB’s new ShibaSwap DeFi platform surpassed $1 billion in total value locked, and it is raising fees on the Ethereum network.

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Shiba Inu (SHIB) DEX ShibaSwap surpasses $1B TVL 24-hours after launchMARKETS NEWS

Dogecoin (DOGE) has proven to the world that even a project that started as a joke can gain value and notoriety in the cryptocurrency space. This phenomenon opened the door for multiple “meme” cryptocurrencies to gain a foothold, and a quick look at the trending tokens list on CoinMarketCap shows the meme effect has found a foothold.

The latest meme coin to capture investors’ attention is Shiba Inu (SHIB), a project that originally gained notoriety when Ethereum co-founder Vitalik Buterin donated more than $1 billion worth of SHIB to the India COVID-19 Relief Fund.

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SHIB/USDT daily chart. Source: TradingView
While many analysts thought the project would just fade away along with the other meme coins that mooned and then crashed, Shiba Inu has instead emerged as a growing project complete with its own swap interface, yield farm and budding decentralized autonomous organization structure.

ShibaSwap launch raises gas costs
Excitement in the Shiba Inu community was ignited on Tuesday with the release of ShibaSwap, a newly created swap interface for token holders to utilize.

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Ethereum gas fees had been near unprecedented lows since the Berlin upgrade, but the launch of ShibaSwap resulted in a noticeable uptick in gas costs, a phenomenon highlighted by Crypto Twitter trader Joe McCann.

While the statistics have changed slightly since this tweet was posted, the three contract addresses identified by McCann remain in the top 10 gas guzzlers, and the Shiba migrator now ranks third in terms of fees generated in the last three hours.

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Top 9 Ethereum gas guzzlers. Source: Etherscan
As seen in the table above, the only other contract that generated more Ethereum fees over the past 24 hours is Uniswap v2, and the three SHIB-related contracts combined have generated more than $1.7 million in fees over the past 24 hours.

Total value locked in ShibaSwap surpasses $1 billion
While some networks have been accused of using spam transactions to increase on-chain activity, this is not the case with Shiba Inu as the total value locked on the platform surpassed $1 billion just one day after its launch.

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This is a strong sign of support for the newly released interface, which now ranks in the top 30 in terms of total value locked, according to data from Defi Llama.

At the time of writing, the project holds more value than QuickSwap and MDEX.

The initial excitement following the release of ShibaSwap led to a 14% spike in the price of SHIB on Tuesday, but the price has since drifted lower to its current value of $0.00000867, which is 78% below its all-time high of $0.0000388.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.