Shiba Inu DEX Trading Volume Crashes 89% In Year

Shiba Inu’s (CRYPTO: SHIB) decentralized exchange (DEX), ShibaSwap, has seen its trading volume decline by over $1.5 billion since it first launched last year.

What Happened: Data from Dune Analytics shows ShibaSwap’s monthly trading volume for July was 311 million, an 80% decline from the $1.85.billion it recorded in July 2021.

Trading volume on the DEX reached a peak of $4.2 billion in October 2021 when SHIB’s price was trading 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 decline in trading volume can largely be attributed to the overall downtrend in the crypto market. Other leading DEXes also saw lower trading volume over the year as token prices fell from their yearly highs.

See Also: DECENTRALIZED EXCHANGES

Uniswap (CRYPTO: UNI), which remains the largest Ethereum (CRYPTO: ETH)-based DEX by market, saw a 30% decline in trading volume over the last year. Still, Uniswap recorded $30 billion in trading volume last month, outpacing major centralized exchange Coinbase Global Inc (NASDAQ: COIN).

Photo: WindAwake via Shutterstock