Shiba Inu’s Future Tied to a Crucial Token, Shytoshi Kusama Reveals – Impact on SHIB Price?

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Joel Frank

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Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

August 21, 2024 02:27 EDT

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The future of Shiba Inu ($SHIB) is tied to a crucial token within its broader web3 ecosystem, the meme coin project’s pseudonymous leader Shytoshi Kusama revealed on X on Tuesday.

The token in question is $BONE, the native governance and utility token of the ShibaSwap decentralized exchange (DEX).

$BONE can provide passive income via staking or liquidity providing.

$BONE holders also get to vote and participate in the DoggyDAO, a decentralized autonomous organization at the heart of the Shiba Inu ecosystem.

$BONE also grants holders access to Shiba Inu community events.

Per Shytoshi Kusama, $BONE “is completely integrated into our governance and technology”.

Shiba Inu’s global community is working to turn the meme coin into a fully-fledged ecosystem of integrated web3 dApps.

And they are making good progress. Shibarium, an Ethereum layer-2 protocol designed to provide the base layer for the Shiba Inu ecosystem, launched last year.

And SHIB The Metaverse is set to launch in the coming years.

SHIB is the main crypto that will benefit from the growth of the Shiba Inu web3 ecosystem.

But other tokens central to its decentralized governance like $BONE are also key.

Will $BONE Impact the Shiba Inu Price?

It’s no secret that $BONE plays an important role in the SHIB ecosystem.

Shytoshi Kasumu’s comments will thus have no immediate market impact.

That said, $BONE could impact the SHIB price in the long run.

$BONE’s performance could be seen as a gauge of the Shiba Inu ecosystem’s adoption.

For example, in a scenario where new users are flocking to the ecosystem and start bidding up the $BONE price, this could also support $SHIB.

But that doesn’t look likely anytime soon.

Last at $0.40, $BONE has been in a downtrend ever since its March spike. And it could soon hit record lows under $0.30, per TradingView.

Meme coin investors might do better than they would in $BONE or $SHIB if they turned to new meme coins.

And one of the best ways to get into new meme coins early is via presales.

One Shiba Inu competitor that analysts at Cryptonews.com like a lot is called Base Dawgz (DAWGZ).

Cryptonews.com analyst Chester explains why Base Dawgz is a meme coin launch you can’t miss below.

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