In a recent YouTube video, crypto analyst Austin Hilton takes a closer look at the Shiba Inu ecosystem, providing a comprehensive analysis of the Shiba Inu token (SHIB), as well as its related tokens, BONE, and LEASH.
The Shiba Inu cryptocurrency project, rooted in the popular Shiba Inu dog meme, presents itself as a rival to Dogecoin and runs on the Ethereum blockchain. The Shiba Inu (SHIB) ecosystem comprises three unique tokens, each serving a particular purpose within the project.
SHIB, as the main token, acts as a decentralized, community-driven currency that is accessible to millions of users around the world. Having launched on the Ethereum blockchain in late 2020, SHIB has since gained global attention and can be used for payment at various locations, either directly or through intermediary services.
BONE serves as the governance token in the ecosystem, with a total supply of 250 million. BONE enables the Shib Army to participate in decision-making by voting on proposals through the Doggy DAO. Additionally, BONE establishes the groundwork for Shibarium, Shiba Inu’s own Layer 2 network.
The third token, LEASH, has a limited supply of 107,646 and offers exclusive benefits to dedicated supporters of the ecosystem. LEASH holders have experienced advantages such as increased BONE rewards for providing liquidity to ShibaSwap, exclusive rights to mint Shiboshi NFTs, and priority access to land sales within the “SHIB: The Metaverse project.”
Shibarium, a layer two blockchain, has been developed to overcome Ethereum’s limitations, including slow speeds and high transaction costs. The Shiba Inu project currently has Shibarium in beta testing.
Hilton highlights the recent actions of “whales” or large investors within the Shiba Inu network. Hilton claims that these investors have been heavily investing in Shiba Inu (SHIB), which Hilton interprets as a potential indicator of a significant event in the near future, possibly a launch in mid-August of SHibarium.
In particular, he points out a substantial increase in the volume of large transactions involving SHIB tokens, totaling 2.2 trillion.
Hilton says it is no good for people to kick themselves after Shibarium launches because they did not buy SHIB, BONE, or LEASH tokens earlier when the tokens were cheaper.
Hilton suggests that BONE presents a massive investment opportunity — since it is the gas token for Shibarium — and encourages his viewers to consider investing in it. He believes that with the launch of Shibarium, BONE’s value will likely increase. He says that since he already owned SHIB, he is currently accumulating BONE. However, it is worth mentioning that he makes it clear that his comments about Shiba Inu are not meant to serve as financial advice and that viewers should do their own independent research.
Featured Image Credit: Photo / illustration by LeandroDeCarvalho via Pixabay
