Crypto analyst Austin Hilton recently shared his insights on the Shiba Inu ecosystem, providing a comprehensive analysis of the Shiba Inu token (SHIB) and its related tokens, BONE and LEASH.
In his YouTube video, Hilton delves into the functionalities and investment opportunities presented by these tokens. Let’s explore the key takeaways from his analysis and the potential prospects for the upcoming launch of Shibarium.
The Shiba Inu cryptocurrency project, inspired by the popular Shiba Inu dog meme, has emerged as a competitor to Dogecoin, operating on the Ethereum blockchain. Within the Shiba Inu ecosystem, three tokens play distinct roles:
- SHIB (Shiba Inu Token): Launched in late 2020, SHIB serves as a decentralized, community-driven currency with a global user base. It can be used for transactions and payments directly or through intermediary services.
- BONE (Shiba Inu Governance Token): BONE serves as the governance token within the ecosystem, enabling Shib Army members to participate in decision-making through the Doggy DAO. BONE also establishes the foundation for Shibarium, the project’s Layer 2 network.
- LEASH (Exclusive Token): With limited supply, LEASH offers unique benefits to dedicated ecosystem supporters. Holders of LEASH enjoy advantages such as increased BONE rewards, exclusive rights to mint Shiboshi NFTs, and priority access to land sales within the “SHIB: The Metaverse project.”
Shibarium, the layer two blockchain developed by the Shiba Inu project, aims to overcome Ethereum’s limitations, including slow speeds and high transaction costs.
The project is currently in beta testing. Hilton highlights the recent activities of large investors, often referred to as “whales,” within the Shiba Inu network.
He observes a significant increase in large SHIB token transactions, amounting to 2.2 trillion, which he interprets as a potential precursor to a significant event, potentially the launch of Shibarium in mid-August.
Hilton suggests that investors consider the investment potential of BONE tokens, emphasizing that BONE serves as the gas token for Shibarium. He believes that the launch of Shibarium could drive an increase in BONE’s value.
Hilton himself has chosen to accumulate BONE, having already owned SHIB tokens. However, he advises viewers to conduct their own research and emphasizes that his comments are not financial advice.