The Shiba Inu ecosystem has grown exponentially from its early days as a meme crypto inspired by a doge meme and created as the Dogecoin killer. Shiba Inu has now evolved to have its own layer-2 blockchain designed to process SHIB transactions quickly and smart contracts off-chain the Ethereum network.
The ecosystem is home to three tokens, SHIB, BONE, and LEASH, and a decentralized trading platform called ShibaSwap. Behind this growth is SHIB’s popularity, as the token is the foundation of the ecosystem.
Lucie, Shiba Inu’s marketing lead, recently took to social media platform X, to reiterate SHIB’s position as Shibarium’s governance token while also highlighting some of its utilities.
At the time of writing, SHIB is the second biggest meme crypto behind Dogecoin, with a market cap of $5.31 billion. As the first token released, SHIB paved the way for future projects like ShibaSwap, Shibarium, and Shi. Without SHIB, none of these innovative platforms and cryptocurrencies would exist. Lucie shared a picture in her tweet detailing some of the key features of SHIB inside and outside of the Shibarium ecosystem.
$SHIB and its role in the #Shibarium ecosystem as governance token pic.twitter.com/GSuhozmti4
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) November 11, 2023
The first point noted was SHIB’s feature as a cornerstone, which enables every holder to express their opinions on decision makings, community proposals, and council elections. Participating in governance is a key way for investors to guide the direction of a project and ensure it aligns with community values.
SHIB has also found utility outside the Shiba Inu ecosystem, as it has shed off most of its reputation as a meme token only. Another use case the marketing lead noted is SHIB’s acceptance as a payment method by many vendors and companies, some of which include AMC, Gucci, GameStop, and Twitch.
Total crypto market cap currently at $1.38 trillion. Chart: TradingView.com This mainstream adoption of SHIB in the real world is an important step in establishing its value and utility. Other SHIB roles noted were in the “Charity Council” and the “Culture and Heritage Council.”
Current State Of The Shiba Inu Ecosystem The wider Shiba Inu ecosystem is still going through active developments, with sporadic announcements of new projects and innovations. SHIB has registered a 30-day gain of 33% in retrospect to the inflow into the larger crypto market. LEASH is also up by 23% in the same time period.
BONE, on the other hand, which is used as gas fees on Shibarium, is down by 4% due to declining activity on the layer-2 network. Data from Shibariumscan shows the number of transactions in the past 24 hours was just 9,230.
Lucie recently suggested on X that Robinhood list the BONE token. SHIB is trading at $0.000009049 at the time of writing. CoinCodex’s price prediction algorithm predicts the token will hit $0.000009534 by December 11.
Featured image from Shutterstock
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.