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New SHIB-Based Token On The Way? Shiba Inu Team Member Shares Important Update
The Shiba Inu eco is one of the fastest growing communities in the crypto industry. The meme cryptocurrency has come a long way in a short time with lots of tokens and updates to its eco, but it certainly still has a long way to go. In a recent not-so-surprise announcement, a core member of the Shiba Inu team hinted that a new stablecoin called Shi may be in the works. If the rumors are true, this could be huge news for SHIB holders and open up a whole new world of possibilities within the Shiba Inu eco.
New SHIB-Based Token On The Way
Taking to a post on social media platform X, Vet Kusama, a member of the Shiba Inu team, talked about the purpose of a stablecoin earlier highlighted by SHIB founder Ryoshi. Shi would be a stablecoin, meaning a cryptocurrency pegged 1:1 to a fiat currency like the U.S. dollar to keep its value stable.
As demonstrated by BUSD on the BSC chain, the concept of a stablecoin is to give investors a chance to participate in the cryptocurrency sector while experiencing lower levels of volatility. Vet Kusama draws a parallel to BUSD, noting that the workings of the SHI on Shibarium would be likened to BUSD on the BSC chain
There are no doubts about what a stablecoin would do for Shiba Inu, as it would give the overall eco more utility and, according to Kusama, a ‘trading volume growth.’
We still don’t know the specifics of how Shi will work, as no official information has been released. However, the team member did mention that there would be no pre-purchases or airdrops
SHIB market cap currently at $4.125 Billion chart: TradingView.com
What’s Next For Shiba Inu?
The Shiba Inu eco is already home to SHIB, BONE, and LEASH tokens that users can stake, swap, or deposit into liquidity pools on ShibaSwap. These tokens are all doing relatively well with many investors and whale accumulation occasionally. However, a SHIB-based stablecoin could attract new investors to the Shiba Inu eco, especially those who don’t want to be exposed to crypto volatility
Shi may also make it easier for Shiba Inu holders to buy and sell goods or services using their crypto, as demonstrated by the fish vendor example given by Ryoshi in a Medium article.
On the other hand, crypto whale transaction tracker Whale s has revealed a massive transaction of SHIB tokens between two unknown wallets. According to the tracker, 4.5 trillion SHIB worth $32.1 million was recently transferred from an unknown wallet to another unknown wallet.
Featured image from Capital.com