Due to a decrease in the liquidity poured into alternative currencies (altcoins) listed on the platform, the trading volume on Shibaswap dropped significantly in July.
Shibaswap reached a new low in July despite many efforts by digital asset values to rebound.
According to Be[In]Crypto Research’s analysis of data from Dundas Analytics, the decentralized exchange (DEX) recorded about $185.61 million in July.
Despite the fact that this amount may look excellent in comparison to the volumes reported by other DEXs, it represents a fall of 0.93 percent from June. June Shibaswap volume was around $187.35 million.
With the new low, Shibaswap’s trade volume in July of last year fell 89% compared to July of the previous year.
In July 2021, trading volume was around $1.85 billion. The most recent figure was also $72 million behind May’s volume peak of $258.22 million.
Shibaswap is the native decentralised exchange of the Shiba Inu project. It was launched on July 6, 2021. The DEX has the same capabilities as its rivals, including token swapping and liquidity pools.
What caused the volume decline?
The bearish market attitude that took root in May intensified in June and persisted into July, significantly impacting the fortunes of Shibaswap since it Favours cryptocurrencies with low daily trading volumes.
In addition to Shibaswap, the volume of competitor DEXs like as Synthetix, Curve Finance, SushiSwap, Balancer, Uniswap, DODO, and Ox Native fell to new lows.
SHIB commenced trading on July 1 at $0.00001033 per token, hit a monthly high of $0.00001307, tested a monthly low of $0.000009833, and completed the month at $0.00001171.
July’s opening and closing prices for SHIB increased by 13%, despite a decline in trading activity.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.