Doge Killer (LEASH): The Weak Link In The Shiba Inu Ecosystem?

Doge Killer (LEASH): the weak link in the Shiba Inu ecosystem? The creator of the Doge Killer (LEASH) is the same as that of the Shiba Inu (SHIB) - the unknown Ryoshi.

 
When it was created, LEASH was an algorithmic token that replicated the price of Dogecoin at a rate of x1000 (1 LEASH = 1000 DOGE). Except the peg was quickly dropped on the grounds of "unleashing the potential" of the Doge Killer. 

A failed bet, it seems, as the LEASH has just fallen below its launch price on April 20, 2021 ($571). A serious contrast to its brothers SHIB and BONE.

SHB/USD

SHIB Weekly Chart – TradingView

After a great week where it outperformed its main competitor (the DOGE) by 30%, the SHIB gave up all its gains in the wake of the entire market.

However, he had surprised by breaking the resistance at $0.00001297 and seemed to be on his way to another key level at $0.00001704. 

Except that the sellers came forward again this week. SHIB is trading at $0.00001329 as of this writing.

BONE/USD

BONE Weekly Chart – TradingView

After four excellent weeks interspersed with a doji, while the market was in the red, the BONE was finally back in line.

It seems that he has found a second wind after already 73% gains. We will be watching with interest the announcements of the Shiba ecosystem for the coming week.

BONE is trading at $0.7570 as of this writing.

LEASH/USD

LEASH Weekly Chart – TradingView

Big disappointment for the LEASH which is no longer advancing. It is now below historic support, its April 2021 launch price.

LEASH is trading at $478 at the time of writing and capitalizes at less than $52 million.

BONE, SHIB, and LEASH: how do they fit into the Shiba ecosystem?

It will surely not have escaped you that the Shiba Inu (SHIB) ecosystem has set up a decentralized exchange called ShibaSwap.

Launched in 2021, it aims to provide the “ ShibArmy ” (name given to the SHIB fan community) with a platform to exchange their tokens for other cryptocurrencies.

ShibaSwap was created by copying code from SushiSwap. Logic: SushiSwap and ShibaSwap both operate on the Ethereum network, with tokens based on the ERC-20 standard.

• The Bone ShibaSwap (BONE) serves as the governance token for ShibaSwap. BONE holders vote on proposals on the future of the project, which pairs will be added, all through the decentralized autonomous organization Doggy DAO.

• The Doge killer (LEASH) is what is called a rebase token. Clearly, a token with an elastic supply is reminiscent of many points of an algorithmic stablecoin. Both are based on an algorithm that automatically increases or decreases the circulating supply in order to maintain a price indexed to another asset. In the case of LEASH, it is Dogecoin (DOGE) - hence the name! - which serves as a reference. Except that he's kind of been 'dropped' and is no longer tied to DOGE at the x1000 ratio.

Together, SHIB, LEASH, and BONE form the cornerstone of the DEX ShibaSwap. Users can provide liquidity, trade, or stake their tokens to earn BONE as a reward.

While staked tokens are eligible for a fixed percentage of BONE, liquidity pools are a bit different as they reward BONE per block (BPB), based on allocation points to each individual pool - a somewhat complex peculiarity from the Shiba Inu white paper!

A Major Update to the Shiba Ecosystem: LEASH Left Behind?

Where a hitch occurred was that the BONE minted to reward users who provide liquidity on ShibaSwap came to market a bit too quickly.

A vote of the Doggy DAO on June 26, therefore, reduced the emission speed of BONE: if the maximum supply remains at 250,000,000 tokens, emissions will stop as soon as a volume of 230,000,000 BONE is achieved. This will save 20,000,000 BONE and will also benefit the course.

If the decision seems drastic and unfair, it is mainly due to the upcoming launch of Shibarium: the layer 2 blockchain of the ecosystem, which will make it possible to circumvent the famous problem of fees on Ethereum.

So the idea is that 20,000,000 BONE will be used to secure the network, with a rate of BONE to be defined to reward the work of the validators.
Rewards given in BONE by ShibaSwap will therefore continue until a new reward token called TREAT is issued.

Another meme token has the ambition to build an ecosystem as powerful as that of the Shiba Inu: the Tamadoge (TAMA). It also launched on Ethereum, with plans for a metaverse (the Tamaverse ), NFT rewards (based on Dogepoints ), and deflationary tokenomics. The presale ended early with $2 million raised.

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