Main navigation

SHIB, LEASH Lead Pack in CMC Trends, Here's Reason

Mon, 07/10/2023 - 15:40
article image
Tomiwabold Olajide
Shiba Inu sees big spike in social dominance in exciting start to week
SHIB, LEASH Lead Pack in CMC Trends, Here's Reason
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

DogeKiller (LEASH) and Shiba Inu (SHIB), two tokens from the Shiba Inu ecosystem, are leading CoinMarketCap's (CMC) list of the top-trending cryptocurrencies.

On the list of the top five trending cryptocurrencies, LEASH claimed the top spot, with SHIB coming in at number two.

This aligns as SHIB records a big spike in social dominance in an exciting start to the week. The past week was a significant one for the Shiba Inu community, as Shiba Inu lead Shytoshi Kusama hinted at the next direction for the ecosystem and new plans for governance.

Shiba Inu (SHIB) New Direction and Plans Hinted at, Here's Exciting Part

Notably, SHIB and LEASH would be utilized in governance, unveiling new use cases for Shiba Inu ecosystem tokens. Shytoshi Kusama provided a summary of the new governance structure for the Shiba ecosystem in a blog post last week.

SHIB, LEASH, BONE and TREAT, the four main tokens of the SHIB ecosystem, would each have their own governance. Citing how they would be used in governance, Kusama stated: "Shib governs the community itself; Bone governs and supports technology in the community; Leash reigns over community protection and also provides exclusivity; and Treat governs and enhances community projects."

The governance use cases for both tokens may have prompted fresh interest in both tokens. In a July 6 tweet, Lucie urged the community to pay attention to LEASH as she shared a screenshot of Kusama, indicating that LEASH's governance was something big.

Kusama also hinted at a potential launch date for Shibarium, most likely at the Blockchain Futurist conference, which will be held in Toronto this August. This might have also triggered interest in Shiba Inu ecosystem tokens. Discussions around Shibarium might have increased the social dominance of SHIB and LEASH.

SHIB and LEASH, along with tokens TREAT and BONE, will be utilized by the Layer 2 Shibarium blockchain.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.