Shiba Inu Launches Its Own Token Exchange Platform


Shiba Inu, the Dogecoin spinoff, on Tuesday, launched ShibaSwap, its own decentralised cryptocurrency exchange. Founded less than a year ago, the Shiba Inu token had branded itself as a “Dogecoin killer”. Interestingly, the Shiba Inu face-themed crypto token with the symbol SHIB, which has seen significant growth in the last few months, also started as a meme joke which transformed into one of the most talked-about digital currencies. ShibaSwap’s launch comes roughly two weeks after billionaire Elon Musk tweeted about the digital token is noteworthy. On June 25, the Tesla CEO, who has been enthusiastically promoting Dogecoin, wrote: “My Shiba Inu will be named Floki.” One tweet from Musk was enough to take Shiba Inu stocks to rise by 16 percent. 

On its website, Shiba Inu said that its platform gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through its  “sophisticated and innovative passive income reward system”. The platform gives ShibArmy access to upcoming NFTs. Among other additional tools, the ShibaSwap offers portfolio trackers, making navigation through the crypto world simple and intuitive. This comes at a time when the cryptocurrency market has generally slowed, although the SHIB price in INR has gone up 3 percent in the last 24 hours.

Soon after the creators of the currency announced the launch of their own crypto platform, people on Twitter showed excitement, which also indicated how eagerly they all were waiting for this moment. This Twitter user, for instance, couldn’t contain their happiness:

“Today is the Day. Go bury everyone,” wrote another user.

Here are some more reactions to the launch of the platform. 

Within hours of the launch of the Shibaswap, the currency witnessed a 3 percent surge in prices. Shiba Inu, which has a market cap of roughly $3.5 billion, is currently trading at Rs .000636 in India.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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