What Does Shytoshi Kusama's Reveal About a Critical Token Mean for the Future of Shiba Inus and the SHIB Price?
The anonymous head of the meme currency project, Shytoshi Kusama, disclosed on Tuesday on X that a pivotal token inside the web3 ecosystem is linked to the future of Shiba Inu ($SHIB).
In this case, we're talking about ShibaSwap's native governance and utility token, $BONE.
You may earn passive revenue with $BONE by staking or providing liquidity.
At the core of the Shiba Inu ecosystem is the decentralized autonomous organization known as DoggyDAO, and $BONE holders have the opportunity to vote and participate in it.
Those who own $BONE may also participate in Shiba Inu community activities.
We have fully incorporated $BONE into our governance and technology, according to Shytoshi Kusama.
The Shiba Inu community is pulling together from all around the world to make the meme currency a fully-fledged ecosystem of web3 decentralized applications.
They are also progressing well. The Shiba Inu ecosystem's foundational layer, Shibarium, was introduced last year as an Ethereum layer-2 protocol.
Plus, SHIB Soon, the Metaverse will be available to the public.
The expansion of the Shiba Inu web3 ecosystem will primarily benefit SHIB, the cryptocurrency.
Other coins, like as $BONE, that are essential to its decentralized governance are also crucial.
How Will $BONE Affect the Value of Shiba Inus?
Everyone knows that $BONE is a big deal in the SHIB ecosystem.
No market reaction is therefore likely to result from Shytoshi Kasumu's remarks.
However, in the long term, $BONE may affect the SHIB price.
It is possible to use $BONE's performance as a measure of how widely used the Shiba Inu ecosystem is.
When more people join the ecosystem and bid up the price of $BONE, for instance, this might also help $SHIB.
That, however, does not seem to be happening very soon.
After spiking in March, $BONE has been declining, and it just hit $0.40. Record lows below $0.30 may be on the horizon,
