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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.
My Shiba Inu will be named Floki— Elon Musk (@elonmusk) June 25, 2021
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:
Can't believe it.. Thanks @ShytoshiKusama @RyoshiResearch @Shibtoken— Crypto Man Newz (@CryptoManNewz) July 6, 2021
And most importantly thanks for proving me WRONG. This is the 1st time I'm this much happier to admit THANK GOD I WAS WRONG ❤️❤️❤️#SHIBASWAP is live and kicking dog???????? pic.twitter.com/9E9WG4fmSK
"Today is the Day. Go bury everyone," wrote another user.
Here are some more reactions to the launch of the platform.
YEESSSSSSSS!!!! https://t.co/4X5souUAez— Ras3c (@Csar996) July 6, 2021
Congrats on the highly anticipated #ShibaSwap launch @Shibtoken and #ShibaArmy! It couldn't have been easy with all the FUD and Doubters! ????????????#shiba #memetoken #Crypto #cryptocurrency #CryptoNews https://t.co/285SnJBb1h— Crypto Zarrius (@CZarrius) July 6, 2021
Thank you Dev's, @ShytoshiKusama, and @certikorg for all of your hard work and devotion on this masterpiece. It is incomparable and truly changing lives. ???????????????????????? https://t.co/LojsdvtI1E— Eric Martin Smith (@EricMartinSmith) July 6, 2021
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.