SHIB, LEASH Lead Pack in CMC Trends, Here's Reason

DogeKiller (LEASH) and Shiba Inu (SHIB), two tokens from the Shiba Inu ecosystem, are leading CoinMarketCap's (CMC) list of the top-trending cryptocurrencies.

On the list of the top five trending cryptocurrencies, LEASH claimed the top spot, with SHIB coming in at number two.

Monday's here, so the Trending Token list on #CMCCommunity is fresh! 🔥$LEASH$SHIB$YTOFU$KAS$AVAX

👉 Check it out here: https://t.co/vHI1wrAcQF pic.twitter.com/FUK7R8tGth

— CoinMarketCap (@CoinMarketCap) July 10, 2023

This aligns as SHIB records a big spike in social dominance in an exciting start to the week. The past week was a significant one for the Shiba Inu community, as Shiba Inu lead Shytoshi Kusama hinted at the next direction for the ecosystem and new plans for governance.

Notably, SHIB and LEASH would be utilized in governance, unveiling new use cases for Shiba Inu ecosystem tokens. Shytoshi Kusama provided a summary of the new governance structure for the Shiba ecosystem in a blog post last week.

SHIB, LEASH, BONE and TREAT, the four main tokens of the SHIB ecosystem, would each have their own governance. Citing how they would be used in governance, Kusama stated: "Shib governs the community itself; Bone governs and supports technology in the community; Leash reigns over community protection and also provides exclusivity; and Treat governs and enhances community projects."

The governance use cases for both tokens may have prompted fresh interest in both tokens. In a July 6 tweet, Lucie urged the community to pay attention to LEASH as she shared a screenshot of Kusama, indicating that LEASH's governance was something big.

Kusama also hinted at a potential launch date for Shibarium, most likely at the Blockchain Futurist conference, which will be held in Toronto this August. This might have also triggered interest in Shiba Inu ecosystem tokens. Discussions around Shibarium might have increased the social dominance of SHIB and LEASH.

SHIB and LEASH, along with tokens TREAT and BONE, will be utilized by the Layer 2 Shibarium blockchain.