The popular memecoin Shiba Inu zoomed over 44.82 per cent in the last 24 hours, despite negative sentiments in the crypto markets.
The cryptocurrency was trading at $0.000008 and it then zoomed to $0.0000118 late last night, data from CoinMarketCap highlighted.
The memecoin is now trading at $0.00000970, 18.37 per cent up as of 9.30 am, data from CoinMarketCap showed. The 24-hour trading volume was at $1,677,151,806, with a 604.50 per cent uptrend.
But what is causing this rally?
The primary reason behind this rally is the recent suggestion that the Shibarium, the blockchain network of the Shiba Inu ecosystem, would use the BONE governance token as its "gas fees."
This would be the first step in implementing the concept. Because of this, the Sibarium network will be able to manage smart contracts and transactions.
What is Shiba Inu?
As per information on Shiba Inu’s official website, it is stated that the cryptocurrency SHIB is the "Dogecoin Killer”. They have also attempted to brand themselves in a similar way to their native decentralised exchange, ShibaSwap.
The official Shiba Inu website also mentions several other crypto tokens of the Shiba Inu ecosystem. These tokens are LEASH, and BONE.
LEASH has a limited supply of 107,646 tokens, and offers appealing benefits to liquidity providers. Whereas BONE has a supply of 2,50,000,000 tokens, and is a governance token that allows holders to vote on the Shiba Inu's Decentralised Autonomous Organisation (DAO).
The Shiba Inu ecosystem also has its own blockchain network, the Shibarium.
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