Ethereum Fees And Daily Transactions Spike Thanks to SHIB

Much like in May, Shiba Inu is the biggest gas guzzler on the second largest network, as it launched ShibaSwap. NFTs through Axie Infinity and OpenSea, and MetaMask are also the contributors.

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Daily transactions on the Ethereum network are now back over 1.35 million, which had fallen to just above 1 million, but still down from the 1.7 million peak in early May.

Fees are also seeing a spike, with average transaction fees making their way towards $10 after falling to $2.33 in late June. At its peak in May, it soared past $70.

Additionally, gas fees are recording an uptick to 55 Gwei after falling and remaining in single digits for a couple of weeks in June.

According to Etherscan, Tether and Uniswap are the biggest gas guzzlers today, followed by addresses that belong to the Shiba Inu coin project. At 5th and 9th place again is the SHIB project, all of which together accounts for more than 18% usage in the past 24 hours.

Daily transactions on the Ethereum network are now back over 1.35 million, which had fallen to just above 1 million, but still down from the 1.7 million peak in early May.

Fees are also seeing a spike, with average transaction fees making their way towards $10 after falling to $2.33 in late June. At its peak in May, it soared past $70.


Much like in May, on Tuesday, the SHIB project was the biggest gas guzzler and was also at the 3rd and 5th spot, as noted by crypto trader Joe McCann.

The popular dog coin is actually launching a decentralized exchange (DEX) called ShibaSwap. In a single day, ShibaSwap attracted $1 billion in total value locked (TVL).

The token SHIB is currently trading at $0.00000874, down 77% from its all-time high of $0.00003791 hit two months back.

Ethereum co-founder Vitalik Buterin was the one who sent the SHIB prices crashing in May after selling 50% of its supply (about $6 billion worth at the time) which was sent to his wallet unbeknownst to him, in place of burning the tokens. Vitalik actually gave these coins to charity, saying he doesn’t want that kind of power over a project.

Amidst this, some critics point out that aping into ShibaSwap for a four-figure APR might be a risky venture, given that its smart contract allows a single address to migrate the deposited funds.


“TLDR: All the staked funds can be rugged by the devs at any moment #WarOnRugs,” said Valentin Mihov, ex-CTO at data provider Santiment.

Since then, the project has addressed the concern and made changes, moving the owner to multisig.

“ShibaSwap devs reached out and transferred the owner role to a 6/9 multisig. They also informed they plan to deploy a timelock,” said Banteg, a core developer at DeFi bluechip Yearn Finance.


Besides Shiba Inu, the popular NFT game Axie Infinity is the fourth-largest gas guzzler. As we reported, while the NFT space has been cooling down, the play-to-earn game Axie Infinity is seeing the highest volume at $84.1 million, 769% higher than Q1 2021 and reaching over 4,700 daily unique on-chain users,

an increase of 360.61% from the previous quarter.


It also had a breakout month in June, earning a record $12.2 million in revenue, and already in the first five days of the month, it has generated $9.2 million.

The AXS token has surged 300% in less than two weeks and is up 2,145% YTD.

NFT marketplace OpenSea and popular Ethereum wallet MetaMask, which earned $7 million in the past 30-days (4th highest) and $31.7 million in the last 3-months (3rd highest), are also among the top ten gas guzzlers on the second-largest network.

SHIB Leading ETH Gas Consumer Amid Recent DeFi Surge

While a slew of DeFi tokens are surging in value, the ‘Dogecoin Killer’ Shiba Inu has topped the Ethereum network in terms of gas usage, suggesting a strong connection between the two.

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Shiba Swap and the ensuing DeFi Wave
Earlier yesterday, SHIB (the official Twitter account for the SHIBA ecosystem) announced that Shiba Swap had gone live. Shiba Swap is a decentralized exchange developed by the anonymous Shiba Inu team, which also allows traders to stake their SHIB tokens and be rewarded later.

Ever since, Shiba’s trading volume has been soaring, as is evident from the ethereum gas tracker. Yesterday, the ShibaSwap contract topped the list in terms of transaction fees, followed by the Shiba Migrator in 2nd and the actual Shib token in 5th. Meanwhile, xSHIB rested at #6, and LEASH token stood at #17 – all tokens associated with the Shiba Inu ecosystem.


Like many major events within the crypto market, Shiba is not moving in isolation: A slew of other DeFi coins are rising in price alongside the launch of the exchange, possibly due to the excitement surrounding it. While Uni swap recently rose by 11%, Aave and Compound recently jumped by over 20%. The most significant price increase was seen in KuCoin, which surged by 42% within just a day.


What is Shiba Inu, Anyways?
Shiba Inu quickly gained traction in May, carried by the wave of excitement surrounding Dogecoin’s price surge above $0.7 that same month. Its popularity spread to some of its successor meme-coins bearing the face of a dog,


including Shiba Inu, a coin named directly after the actual breed of the famous “Doge.”

The Shiba Ecosystem actually consists of three tokens: SHIB, LEASH, and BONE. Each token serves a different function related to the newly launched Shiba Swap exchange, with nothing to justify their evaluation as a unique digital asset beforehand.

However, Ben Casselin, head of research and strategy at AAX, explained why he does not take the meme token lightly:

“Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space.”

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The cryptocurrency market has become a wild show in recent months, perhaps led by Dogecoin’s emergence to the grand scene. The meme coin that started as a joke in 2013, whose founder sold its stack to buy an old Honda Civic back in the day, has been among the best performers eight years after its birth.

Publicly supported by some of the most popular and influential celebrities, such as Elon Musk, Snoop Dogg, Mark Cuban, and more, the DOGE token grabbed people’s attention and skyrocketed in price and fame.


With its ROI of a five-digit percentage in less than half a year, it was somewhat expected that others would try to follow. And this is what indeed transpired. The ever-creative crypto community has dug deep, and copycats started to pop up left and right.

While some of them have roots dating months ago, their popularity blossomed in the past few weeks – led by Dogecoin itself. Today, we will look at some of the DOGE clones on the market.

SHIB Awaits Breakout of Week Long Bull Pennant

Shiba Inu has been referred to as the “next Dogecoin” over the past few months. Throughout the first quarter of the year, SHIB experienced mind-blowing gains as price rose over 100,000%. Since the market has turned to a bearish trend, so has SHIB.

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Just today, SHIB has become ETH’s 3rd largest consumer of gas. This is the result of the much anticipated “ShibaSwap” decentralized exchange that went live on July 6th. This positive advancement and much anticipated release can potentially fuel a price surge above major resistance zone.

Read More:Shiba Inu Coin Rises Over 1500% WoW As Meme Coins Outperform Crypto Giants

SHIB price has formed a week long bullish pennant which is shown in green. Bulls have attempted a breakout 2 times but have failed with holding price above the top trend line. At the time of writing, there is a major resistance at $0.00000903 that sits right on top of the bullish pennant.


Price must break & HOLD this major resistance along with the top trend of the green bullish pennant & the long term trend to be set free for a large price movement. If bulls manage this breakout, the last major resistance within this consolidation zone lies at $0.00000959-$0.00000987.

SHIB Price Analysis: SHIB/USDT 4 Hour Chart

The 60 MA (shown in blue) has held the SHIB price up since the breakout on June 27th.

If bears take price under this line, it will also break the bottom trend of the bullish pennant which will likely send price down to major support of $0.00000820. If this mark fails to hold, SHIB will find support at $0.00000785 or $0.00000745.


While looking at the MACD, we can conclude price is soon getting ready for a breakout. The MA’s have flatlined above the 0 value which show SHIB wants to stay in bullish territory. At the time of writing, the Stochastic RSI is attempting to break into overbought territory which is where large price movements occur. If this Is deemed successful, SHIB will likely have enough fuel to break to the upside of its bullish pennant.

SHIB Price Intraday Levels
Spot rate: $0.00000864
Trend: Bullish
Volatility: Medium
Support: $0.00000848
Resistance: $0.00000903


Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019.

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Why Shib coin is gaining attention again

A cryptocurrency influencer has been sharing support for Shiba Inu coin recently, which has some believing the coin will rise significantly soon.

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Will Shib coin rise? What an expert predicts:
Cryptocurrency influencer Coin Bureau recently posted a new YouTube video to his Coin Bureau account that Shib coin may rise again. He said in the video, “there might be more to this token than meets the eye.”


Could Shiba Inu coin rise because of Dogecoin?
Coin Bureau said he has been keeping an eye on Shib coin for a few weeks now, especially after rumors that Coinbase will add Shib coin to its app, according to The Daily Hodl.

“Shiba Inu is one of the cryptos in this category, and it’s one that I’ve only ever mentioned in a negative context. But when I heard that Coinbase will be listing SHIB, however, I began to consider the possibility that there might be more to Shiba Inu than meets the eye,” he said.
Why Shib coin may climb again


Per FX Leaders, Coin Bureau suggested that the coin’s success could hinge on Dogecoin’s drop in success. Dogecoin was one of the biggest cryptocurrencies in April and May — especially as Tesla CEO Elon Musk tweeted and chatted about it — before falling off, as I wrote for the Deseret News.

“Where Shiba Inu and Dogecoin differ are the connections they have to the crypto community. DOGE is really just a meme and nothing more. … As community-driven as Shiba Inu is, there definitely seem to be some seriously prolific people behind the project,” Coin Bureau said.

Will Shiba Inu coin rebound? Does it really matter?
Be cautious with Shib Coin


As CryptoMode reminds us, there is no science to cryptocurrency. In fact, cryptocurrency is volatile — you will never know what’s going to happen.

“Even though this week’s momentum has been promising for SHIB, there is still a lot of market volatility,” CryptoMode reports. “While Bitcoin and Ethereum move up, other assets may do the same. However, when the markets turn bearish again, it is not unlikely that Shiba Inu will see its value drop by quite a margin. Therefore, it remains a speculative asset first and foremost, and caution is advised.”
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