ShibaSwap Causing Hike in Ethereum Gas Prices

The high gas fees associated with Ethereum are attributed to the record growth in the DeFi transactions achieved by ShibaSwap. The protocol has recently tweeted that it has created history by having more than 1 billion dollars of the total value that has been locked on its platform in one day. According to cryptocurrency experts, this high value of the transaction associated with the platform is the reason behind the high fees charged by Ethereum.

ShibaSwap launched a new swap protocol just a couple of days before, and as a result of this development, the value of its native token $SHIB reached a level an all-time high. While most of the other cryptocurrencies keep fluctuating in terms of value, the worth of $SHIB witnessed a consistent growth pattern. Also, the launch of the new software platform led to the enhanced adoption of the coin, which ultimately fueled the prices of Ethereum gas fees. ShibaSwap has become the leading platform for consuming gas on the Ethereum ecosystem, thereby taking the gas fee to a different level altogether.

It is important to know that just like Uniswap and SushiSwap, ShibaSwap is rising the popularity ladder in the ecosystem of Ethereum. It is increasingly becoming a preferred choice of investors, and it will be interesting to witness whether, in the coming days, the swapping platform can continue with its dream run or not. The platform is no different from its contemporaries, and in fact, many calling it a clone of other such existing platforms in the market. It has a very easy-to-use interface that has been credited with equipping it with enhanced popularity among the target audiences. Having more than 1 billion dollars in total locked value is no small feat, and ShibaSwap must get credit for this achievement.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 66,828.91
ethereum
Ethereum (ETH) $ 3,495.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 601.38
solana
Solana (SOL) $ 148.09
xrp
XRP (XRP) $ 0.479201
dogecoin
Dogecoin (DOGE) $ 0.142473
cardano
Cardano (ADA) $ 0.423074