Shiba Inu (SHIB) which started as a meme cryptocurrency after Dogecoin (DOGE) is seen rising to be one of the exciting projects with newly launched exchanges, farm yields and a growing DAO structure.
It is expected that this ecosystem will ‘disappear’ but not when within 24 hours after the launch of DeFi’s platform, ShibaSwap on June 6, over $ 1 billion in total locked -in value (TVL) was achieved.
This indicates a strong indicator of support for the newly launched project and it is now in the top 30 based on TVL. Not to be outdone, this project is more valuable than Quickswap (QUICK) and Mdex (MDX).
Still, caution is needed as the project is at risk with rugpull, meaning developers are carrying away funds locked away from the protocol.
This issue has been proposed to Shiba Inu and they are taking steps with a ‘timelock’ function that is able to deal with the issue of fast rugpull, but has not yet been implemented.
Most recently, DeFi Safety revealed the ShibaSwap Process Quality Review report and the protocol score was only 3%, considered an absolute failure as 70% is a score to pass, guaranteed safe and transparent.
ShibaSwap is up with a devastating 3% score. If you are looking for a prime example of what absolute negligence looks like in a protocol, look no further than this. Zero Transparency. You are putting your money in a black hole. https://t.co/dUzU0vvCHW @ChrisBlec @ShibArmy #DeFi pic.twitter.com/QG3ykYakdt
- DeFi Safety (@DefiSafety) July 7, 2021
However, after the SHIB price rose 14% on July 6, the asset depreciated to its current value of writing, $ 0.00000818, and over 78% since its all -time record high (ATH), $ 0.0000388 on May 10.
The last time SHIB caught the attention of crypto investors was when Ethereum founder Vitalik Buterin donated over $ 1 billion SHIB to the COVID-19 relief fund in India.
