BONE, one of the tokens in the Shiba Inu ecosystem, has surpassed SHIB and LEASH in terms of the percentage of holders in profit. However, the overall outlook for the memecoin project remains bleak amid a bearish market.
Popular memecoin project Shiba Inu aims to create a decentralized community of crypto enthusiasts.
It consists of three tokens: SHIB, the native token that serves as a medium of exchange and governance; LEASH, a token that has a limited supply and is designed to be volatile; and BONE, a token that is used for staking and farming on ShibaSwap, the project’s decentralized exchange.
According to data from IntoTheBlock (ITB), a crypto analytics platform, BONE is currently the most profitable token among the three, with 85.54% of its holders in profit.
This means that 69,710 out of 81,500 addresses that hold BONE have a positive return on their investment.
In contrast, only 20.5% of SHIB holders and 32.97% of LEASH holders are in profit, with 261,980 out of 1,277,000 addresses for SHIB and 9,450 out of 28,650 addresses for LEASH having a positive return.
The profitability of each token is directly related to its price performance. BONE has gained 8.7% in the past month, while SHIB has lost 25.4%, and LEASH has lost 34.6%.
The price difference can be attributed to each token’s different supply and demand dynamics. BONE has a fixed supply of 250 million tokens, while SHIB has a circulating supply of 394 trillion tokens, and LEASH has a circulating supply of 107 thousand tokens.
Source:Â IntoTheBlock
BONE also has more utility than SHIB and LEASH, as it can be used to earn rewards on ShibaSwap, the project’s decentralized exchange.
However, despite BONE’s relative advantage over SHIB and LEASH, the Shiba Inu ecosystem as a whole is facing challenges and uncertainties in the current market conditions.
Its rival, Dogecoin (DOGE), has overshadowed the memecoin project with its larger market capitalization, wider adoption, and stronger community support.
The project has also been criticized for its lack of innovation, transparency, and security, as well as its high fees and low liquidity on ShibaSwap.
The future prospects of the Shiba Inu project depend largely on its ability to deliver on its roadmap and vision, which include launching an NFT platform called Shibarium, developing a decentralized DAO called Shiba Inu Incubator, and creating a gaming metaverse called Oshiverse.
The project also needs to overcome the regulatory hurdles and technical issues that may arise along the way.
The Shiba Inu ecosystem is one of the most ambitious and active memecoin projects in the crypto space.
However, it is also one of the most volatile and risky ones. Investors interested in the project should do their own research and due diligence before making any decisions.
