Overview
Shibarium is a layer-2 scaling solution on Ethereum proposed by Ryoshi, the creator of the Shiba Inu memecoin, with the main purpose of reducing user transaction fees and forming a SHIB ecosystem, like Dogechain wants to create an ecosystem for DOGE.
The “Trifecta” token of the Shiba Inu ecosystem includes:
- SHIB: Memecoin developed on Ethereum network inspired by Dogecoin, launched in 2020 by anonymous developer Ryoshi. SHIB is currently one of the top memecoins with a market capitalization of up to $6.8 billion, ranking 14th in the entire market.
- LEASH: Initially LEASH was a Rebase Token pegged to DOGE's price but later the team changed the mechanism and turned it into a regular altcoin. LEASH is used to provide liquidity and Stake to earn rewards on ShibaSwap, currently LEASH has a total supply of 105,688 tokens and all are in circulation.
- BONE: BONE has a total supply of 250,000,000 tokens and currently has 230,000,000 tokens in circulation. This is the governance token of Shibaswap and will be used as gas fees on the Shibarium network, and liquidity on Shibarium will use BONE as the base token.
There are also other tokens that have been announced to launch in the near future:
- SHI: Stablecoin of the ecosystem, the information and mechanism of this token will be updated in the future.
- TREAT: Announced as replacement reward token after BONE is minted in total supply, TREAT's tokenomic will be announced.
What does the Shibarium ecosystem have?
Currently, Shibarium's ecosystem is still quite rudimentary, starting with the development of main tokens, balancing the economy of the ecosystem for stable growth.
The most notable project is Shibaswap. The recent activities of the DEX Shibaswap have shown positive growth with this dapp holding the top position in the list of Dapps on the Ethereum network based on social signals (data from Ben GCrypto), higher than both OpenSea and BAYC.
After Shibarium is complete, Shibaswap will also plan to move back to this layer 2, acting as an AMM for the ecosystem.
As a next step, Shibarium will continue to develop Shiba Inu games, play-to-earn games that will increase the volume of the project while promoting token burning through fee-per-transaction, thereby helping to generate a sustainable economy for the ecosystem. Currently, the $BONE token has no use, but after the ecosystem games are completed, $BONE will be used as a gas fee. This token will act as a deflation token to help maintain the stability of the Shibarium economy.
In the future, Shiba also promises to complete the construction of the system's Metaverse world, the final step to creating a closed ecosystem where users can interact, transact and entertain without having to transfer to other platforms.
Is shark money flowing to Shibarium and $BONE?
According to data from Sharkscan, during the two days of August 28-29, the positive cash flow of Ethereum sharks into $BONE amounted to $500,000.
A wealthy investor with total assets of $47,105,382 opened two consecutive "shopping" rounds on August 29 and spent $437,000,000 in a position of $1.01.
In addition, another shark quickly spent about $57,000 to collect $56,000 BONE.
Elsewhere, one wallet - total assets $1,297,009 - has averaged price since July 2021 and the two most recent orders at the end of July 2022. This shark is currently holding $314,814 BONE and has been profitable in this game with an average buy price of $1.75 and an average sell price of $2.18.
Investment Orientation
According to the project's team, Shibarium will be released around the end of September - the beginning of October this year. Later than Dogechain, but the highlight is that this project is implemented by Shiba Inu's team.
Let analyze $DC, $BONE, $LEASH $SHI:
$DC is the governance token of DogeChain, which currently has no uses other than providing liquidity to exchanges. Besides, the inflation of this token is huge with the current circulating supply of 5 billion tokens while the total supply is 1 trillion tokens. The recent price increase is mostly still due to the FOMO of the community.
$BONE is the governance token of Shibarium, currently still being Liquidity Mining with about 230 million tokens in circulation with a maximum total supply of 250 million tokens. It can be seen that the current inflation of $BONE is not high. Furthermore, when Shibarium is officially implemented, $BONE will become a deflationary token. In addition, $BONE is also used to pair the liquidity to receive fees from the platform. Talking more about deflation, the amount of $BONE rewards for users is only unlocked by 33%, the remaining 67% will be unlocked after 6 months to reduce the selling pressure from Stakers.
$LEASH is a token created almost the earliest on ShibaSwap, the project also introduces it as a deflation token. According to research by Holdstation, $LEASH is also used to provide liquidity, Stake and especially to bid for the right to buy and pay for land in Shib - The Metaverse.
$SHI is a stablecoin on Shibarium, the tokenomic is unknown at the moment but the potential of a stablecoin developed by the ecosystem will certainly attract inflows in the same way that $DAI did.
From a subjective point of view of Holdstation, the potential of Shibarium is very clear and the risk "seems" to be lower than DogeChain. The projects are taken seriously when continuously announcing product testing on the official Twitter account as well as on the personal account of @ShytoshiKusama. Contrary to DogeChain when there are too many projects springing up like mushrooms, but the real quality is still too vague.
