The Ethereum price has been finding reasons to rally lately even as the broader cryptocurrency market stalls. The second-biggest cryptocurrency is up more than 3% in the last 24-hour period and has advanced by more than 10% in the last week.
Investors are increasingly finding reasons to be bullish — including the launch of decentralized exchange (DEX) ShibaSwap and a bullish report out of Wall Street — and they are running with both catalysts.
ShibaSwap was built on the Ethereum blockchain, which supports ERC-20 tokens and for which ETH is used as a payment method for gas fees on transactions. According to the whitepaper, they are looking forward to the day when ETH v. 2 is complete so that transactions will be faster and less pricey.
In the interim, the launch of ShibaSwap has strengthened the use case for ETH. ShibaSwap went live on July 6, and the DEX already has USD 1 billion in total value locked (TVL) on the meme-coin trading platform.
Given the pent-up demand to trade and swap meme coins such as SHIB, LEASH and BONE, ShibaSwap has jockeyed its way onto the ETH leaderboard for its use of gas for transactions.
Social media accounts say that the DEX even muscled its way into the top three for the amount of gas used. Most recently, ShibaSwap is ranked No. 8 on Ethersacan’s Ethereum Gas Tracker.
Source: Yahoo Finance