Shiba Inu’s SHIB/USD decentralized exchange (DEX), ShibaSwap, has seen its trading volume decrease by more than $1.5 billion since its launch last year. What happened: Dune Analytics data shows that ShibaSwap’s monthly trading volume in July was 311 million, an 80% drop from the $1.85 billion it recorded in July 2021.
The volume of trading on the DEX reached a high of $4.2 billion in October 2021 when the price of SHIB traded at an all-time high of $0.00008616. The meme coin is currently trading at $0.00001317, down 84% over the last 10 months. See also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?
The decrease in trading volume can be largely attributed to the overall downward trend in the crypto market. Other leading DEXs also saw lower trading volume for the year as token prices fell from their annual highs. See also: DECENTRALIZED EXCHANGES Uniswap UNI/USD, which remains the largest Ethereum-based DEX ETH/USD by market, experienced a 30% drop in trading volume over the past year. Even so, Uniswap recorded a trading volume of $30 billion last month, surpassing major centralized exchange Coinbase Global Inc COIN. Photo: WindAwake via Shutterstock