Investors are shifting their attention and resources toward SHIB, the native token of the Shiba Inu cryptocurrency ecosystem, in anticipation of the upcoming Shibarium blockchain launch scheduled for August.
Metaquant, a crypto market analyst, recently observed this trend on Twitter, stating that there has been a rotation into SHIB-related tokens such as BONE, LEASH, WOOF and PAW, all of which are among the top gainers in the crypto market.
Notably, SHIB, BONE and LEASH are all performing positively, with significant gains recorded. According to data from CoinGecko, Bone ShibaSwap (BONE) is priced at $1.43 with a marginal gain of 0.4%, while Doge Killer (LEASH) has seen a massive surge of 64.6%, now standing at $569.88. This strong performance is a clear indicator that the upcoming Shibarium launch is already making waves in the crypto community.
Shibarium, a Layer 2 blockchain, is set to go live after a Toronto conference this August, as announced by developer Shytoshi Kusama in a recent blog post.
The network will utilize SHIB tokens and their derivatives like BONE, TREAT and LEASH for applications built on the blockchain.
This move aligns with the ecosystem's vision of building a decentralized and autonomous community, utilizing its unique tokens in different capacities.
In his blog post, Shytoshi Kusama, who adopted the pseudonym before becoming a holder in Shiba Inu, outlined the challenges of building a "leaderless, 100% decentralized and autonomous persistent community."
The blog suggests that while there have been projects that have aimed for a similar goal, ensuring everything is truly "persistent" requires more delicacy, time, thought, planning, technology, strategy and a more robust structure than other meme coins.