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.

SHIB is a compelling opportunity above $0.00000936

Shiba Inu price continues the formation of the right shoulder of an inverse head-and-shoulders pattern.
50 six-hour simple moving average (SMA) now trending higher, dedicating support to the right shoulder consolidation.

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A decisive close below $0.00000801 would void the bullish SHIB thesis, elevating the odds for a more complex bottom.
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.

Shiba Inu price shows confidence, and volume delivers on conviction
Since the May 19 crash, Shiba Inu price has struggled to plot a constructive bottoming pattern with a timely entry point. Nonetheless, since June 29, SHIB has consolidated confidence in the potential inverse head-and-shoulders pattern with a symmetrical right shoulder inspired by a textbook volume profile.

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As Shiba Inu price releases the oversold condition on the intra-day Relative Strength Indexes (RSI) following the 70% spike from the June 22 low to the June 29 high, investors need to monitor the 200 six-hour SMA as it slips through the right shoulder of the formation. Without the support of the strategically important moving average, the challenge increases for a successful resolution of the SHIB pattern.

Of course, it should be mentioned that the 50 six-hour SMA is crossing above the 200 six-hour SMA, triggering a bullish Golden Cross pattern on the six-hour SHIB chart, thereby adding some positivity.

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The measured move target of the inverse head-and-shoulders pattern is approximately 80%, projecting a Shiba Inu price of $0.00001720 from the neckline at $0.00000936. The rally would leave SHIB just below the 38.2% Fibonacci retracement level of May’s correction at $0.00001754.

An 80% gain in a perplexing cryptocurrency complex would be a notable achievement for SHIB. However, a more realistic Shiba Inu price target is the resistance between $0.00001204 and $0.00001214, marking the fusion of the May 20 and 24 highs. A rally to $0.00001214 would conclude with a 30% gain from the current position of the neckline at $0.00000936.

Critical to the full realization of the 30% gain is overcoming the minor resistance established by the June 2 high at $0.00001048.

SHIB/USD 6-hour chart

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SHIB/USD 6-hour chart

If Shiba Inu price closes below $0.00000801, the bottoming process and the resulting inverse head-and-shoulders pattern will be questioned. A close below that level would eliminate the support provided by the 50 six-hour SMA and, at a minimum, project a more complex right shoulder and, at worst, a reversion to the lows of the head around $0.00000550.

For now, the working thesis is for a bullish resolution of the inverse head-and-shoulders pattern and a rally of at least 30%. The narrative is based on the superior volume profile underlying the head and right shoulder formation,

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the building of relative strength versus the cryptocurrency market and the growing dominance of altcoins versus Bitcoin over the last two weeks. Combined, they emulate a digital asset trading with conviction and confidence.

Here, FXStreet’s analysts evaluate where SHIB could be heading next as it seems bound for higher highs.