• ShibaSwap’s 24-hour trading volume more than doubled. 
• Ecosystem tokens like SHIB and BONE saw impressive spikes in the last 24 hours.

In a major feat for the Shiba Inu [SHIB] ecosystem, decentralized exchange (DEX) ShibaSwap went live on the layer-2 (L2) blockchain Shibarium, ushering in a new multichain era.

The update was provided by Shiba Inu marketing lead Lucie via an X post dated the 1st of May. With the integration, Shibaswap would operate on both the Ethereum [ETH] and Shibarium networks.

The ecosystem’s primary token SHIB was trading at $0.00002245 as of this writing, up 6.4% in the last 24 hours, data from CoinMarketCap showed.

Bone ShibaSwap [BONE], ShibaSwap’s governance token, also got a 5.76% hike in the 24-hour period.

Big boost for ShibaSwap

Since its launch in July 2021, ShibaSwap has been functioning on the Ethereum blockchain as a DEX, offering services like staking, liquidity pools, and yield farming.

The platform has handled trades worth more than $17 billion as of this writing, AMBCrypto noted using DeFiLlama data. In the last 24 hours, the trading volume more than doubled to $2.55 million.

Shibarium was due for a hard fork on the 2nd of May, in a bid to make the network faster and more cost-effective.

The improved network performance could provide just the right ecosystem for ShibaSwap to grow further.

What’s in there for SHIB?

Utility projects like ShibaSwap and Shibarium were planned steps by the Shiba Inu ecosystem to rise above the meme coin status and add utility to native tokens.

The news of Shibarum’s integration not only caused SHIB to spike, but resulted in a dramatic increase in the new addresses created on the network, AMBCrypto noted using Santiment data.

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Read Shiba Inu’s [SHIB] Price Prediction 2024-25

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The daily active addresses also spiked 11% on the 1st of May. The positive commentary around the coin also increased, as evidenced by the weighted sentiment indicator.

Like the broader market, the second-largest meme coin had a rough April, losing more than 12% throughout the month.

Recent market trends have been tricky for most crypto projects like Solana and Cardano. For most Solana and Cardano investors, this is the time to take a step back to analyze why Solana’s recent price struggles and Cardano’s decline. 

Is it time to switch to more promising prospects like Bitgert Coin? Here is what market analysts believe. 

Bitgert

Industry experts have identified certain factors fueling the hype behind Bitgert and when it has earned comparison with top projects like Cardano and Solana. 

First is the token buyback mechanism Bitgert employs. This means the project burns tokens to lessen the circulating supply and increase its value.

Bitgert offers traders the most affordable transaction fees, an edge over Cardano and Solana. This perk earns it solid community backing as well, in addition to the rewards token holders enjoy. For the staking rewards, Bitgert employs a staking mechanism where holders earn BEFE, a new rocketing meme coin with massive price growth in the past year. 

There are enough reasons to be bullish about Bitgert, and experts tip the crypto for explosive gains in the coming months. 

Cardano

Considering the low defi demand affecting Cardano and how Cardano traders and holders are rapidly making $500 million capital outflows in less than a month, investors suggest Cardano’s price might record a further substantial fall toward $0.50 soon. 

At press time, Cardano’s price hangs right above $0.61, which shows a 13% fall this week. Despite the lower limit of the Bollinger band technical pointer indicating a significant support buy-wall at the $0.60 support price, Cardano investors remain bearish. 

Should these Cardano traders continue to close out positions, Cardano prices could fall below $0.60 and plunge towards $0.55 in the coming weeks. It might be time to consider an alternative to Cardano.

Solana

Despite Solana enjoying positive price momentum thanks to the surging meme coin trading activity, Solana’s price plummeted even harder today. At press time, Solana had recorded an 8% crash in the past 24 hours. Hence, Solana traded for around $171. This fall come just days after Solana went over the $200 price range for the first time in over two years.

The Solana network has faced struggles over congestion and failed transactions recently. This follows the high demand for meme coins, including Solana. While some relief might lie ahead regarding Solana’s price performance as the frenzy cools off, experts expect it will be short-lived. Therefore, Solana investors finding a promising alternative like Bitgert is the most brilliant move. 

 

This summer’s return of the KAABOO music festival could be under threat due to a lawsuit filed against the Del Mar Fairgrounds by the City of Solana Beach, which claims the fairgrounds approved the event without going through the proper review process.

The petition filed last Monday against the 22nd District Agricultural Association, the organization that manages the Del Mar Fairgrounds, seeks to revoke its approval of the music festival scheduled for September until it complies with the California Environmental Quality Act. The act requires public agencies to examine the environmental impacts of their actions, which the city of Solana Beach claims the agricultural district did not do before approving the event.

“The City of Solana Beach has asked the District Agricultural Association (DAA) [the group that runs the fairgrounds] since September of 2023 to put in place enforceable measures to reduce the impacts of the thousands of KABOO (sic) visitors to residents and businesses in Solana Beach,” Lesa Heebner, Solana Beach Mayor told NBC 7 in a statement.

Heebner said the city gets no revenue from events like KAABOO. Still, its residents are left feeling the impacts and paying for the mitigation measures that they believe should be paid for by event organizers.

Heebner says that the measures mutually agreed to include geofencing to prevent Uber and Lyft pick-ups and drop-offs in residential neighborhoods, addressing noise and light pollution, traffic control, increase in sheriff presence, clean up and preventing parking and tailgating in neighborhoods.

“Given the Statute of Limitations in CEQA, we were forced to take this legal step at this time to preserve our rights to ensure our citizens’ concerns are addressed so they too can enjoy the festival,” Heeber said in the statement.

The petition requires representatives from the agricultural district and the city of Solana Beach to meet for a settlement conference. Heeber said they have already been in contact with the agricultural association.

In a statement to NBC 7 on Monday, a spokesperson for the 22nd District Agricultural Association said, “We strive to be a good neighbor, and we have engaged in good-faith conversations about KAABOO with the City of Solana Beach for months. We have worked closely with the festival’s organizers to address the City’s concerns in the contract for this event.”

Heeber says the city is not suing to stop KAABOO from happening but to “gain an agreement as in previous years to mitigate the impacts to our city.”

KAABOO’s last event was in Del Mar in 2019 and the festival has faced its share of problems. Many people with tickets to the 2020 event said they never got their money back after that year’s festivities were canceled due ot the pandemic.

And, the relationship with the 22^nd District Agricultural Association ended on bad terms when the former festival ownership planned to move it to Petco Park after 2020.

After years of lawsuits, multiple changes in brand ownership and a terminated relationship with the Padres franchise, KAABOO announced in 2023 its return to the Del Mar Fairgrounds, under new ownership — the Festival Licensing and Acquisition Corporation or FLAAC.

The KAABOO website does not list exact dates or have any other info except for a message that says “coming soon.”

NBC 7 reached out to FLAAC through their website for their reaction to the lawsuit. We have not yet heard back.