Over the past two weeks, Shiba Inu has recorded increases of more than 5%. Analysts say that despite ongoing increases in the Shiba Inu ecosystem, holders should exercise caution right now.
Holders of the Shiba Inu expected a significant increase in the meme coin as demand for the governance token Bone peaked. However, a general decline in the market led to a drop in the price of the Shiba Inu.
The current supply of BONE was restricted to more than 230 million, and minting was formally stopped. Shiba Inu price has not increased despite the widespread use of BONE and its growing utility.
Shiberium, an upcoming layer-2 solution, requires 20 million bones to run the protocol. For their efforts to fulfill the assigned duties within the ecosystem and the blockchain, the delegates will receive Bones as compensation.
SHIBA INU’s Ecosystem Blooms
Additionally, as part of the development of the SHIB ecosystem, Shiba Inu’s upcoming incentive token will be included in the TREAT ecosystem. Shiba Inu project head Shiotoshi Kusama made a statement on Treat, claiming that the token is being created quietly as the team did not want to accelerate the entry of any other cryptocurrency into the ecosystem before the use case.
Shiba Inu shows bearish signals. Shib next barrier is at $0.00001323, while the meme coin is now trading at $0.00001279. If Shiba Inu is unable to maintain its price over $0.00001279,
According to a new Coinbase analysis, Shiba Inu are held in wallet longer than Bitcoin and Ethereum. This may indicate that traders are positive and want to hold the SHIB for a long time or that the lack of volatility in the Mem coin has a longer period of holding.
