Is Shiba Inu Poised For A Rally As ShibaSwap 2.0 Goes Live？

Shiba Inus decentralized exchange, ShibaSwap, has unveiled its new version, ShibaSwap 2.0, which has gone live on the main network.

The launch was revealed on the official ShibaSwap account on X to give its users better tools and enhanced trading options. The upgrade also introduces some new features like concentrated liquidity pools, smart swaps, and pair-level analytics.

ShibaSwap just got a Major Upgrade! ????

Control, better rewards, and smarter tools to enhance your experience and empower you.

— ShibaSwapDEX (@ShibaSwapDEX) October 25, 2024

These upgrades are meant to increase the platforms effectiveness as well as rewards for the users. The team pointed out that the new platform comes with a smooth onboarding mechanism. This way existing liquidity pools can be smoothly transitioned to the new platform.

Increased Activity Among SHIB Whales

Post the launch, Shiba Inu has observed an increase in the transaction size of large investors. According to IntoTheBlock analytics platform, 2.23 trillion SHIB was traded within the last 24 hours.

It has a value of around $36.81 million which represents a 60.73% rise. This increased activity may mean that major investors, or whales, are adjusting their positions in light of the new ShibaSwap 2.0 and other changes in the market.

However, the trading volume does not reflect positively on the price of Shiba Inu as it fell by 4.83% in the last 24 hours to $0.00001689. This is in line with the general fluctuations in the crytocurrency market post the Tether alleged investigation.

New Features Aim to Attract Users

Concentrated liquidity pools enable users to provide liquidity within certain price regimes. This can mean higher returns and more flexibility.

It also offers a smart swap mechanism through which users can switch between V1 and V2 pools in order to get the best swap rates. Another significant improvement is the pair-level analytics.

It shows information about the TVL, trading fees, and daily volumes for each pair to help users make informed decisions. Additionally, ShibaSwap 2.0 has a better rewards program as well.

The feature allows users to claim rewards depending on their contribution to liquidity pool without having to withdraw their funds thus making the process easier. Seamless migration also enables other liquidity providers to switch their positions without much struggle thus promoting participation and usability on the platform.

SHIB Price Trends and Market Sentiment

Despite the new platform‘s launch, SHIB’s price remains under pressure. On-chain analytics firm Santiment noted a rise in bearish sentiment among Shiba Inu investors. The platform observed that SHIB has faced large sell-offs, influenced by broader market corrections led by Bitcoins recent price movements.

However, Santiment suggested that this negative sentiment could create buying opportunities, as markets often move contrary to the crowds expectations. The firm highlighted that SHIB and other major cryptocurrencies might see a price rebound if investors capitalize on the current dip.

Source: X

Shiba Inu‘s fundamentals also hint at a possible recovery. The SHIB burn rate has significantly increased, with 2.6 million SHIB tokens burned in the past 24 hours. Shibarium, Shiba Inu’s layer-2 blockchain, reported a surge in daily transactions.

It reached 4.77 million on October 24, the highest this year. Increased network activity, combined with the rising burn rate, could signal positive momentum for SHIBs price in the near term.

Despite the recent price decline, the Shiba Inu community remains hopeful. A statement from LUCIE, Shiba Inus marketing lead, urged the community to remain patient, hinting at future developments within the ecosystem.

The SHIB Army, as the project‘s supporters are known, continues to monitor the platform’s progress. The increasing adoption of Shibarium could drive demand and boost SHIBs value.