New SHIB-Based Token On The Way? Update

The Shiba Inu ecosystem 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 ecosystem, 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 ecosystem.

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.

Ok. What is Shi?
Shi is part of the shiba ecosystem that will serve as a stablecoin in the shibarium chain.

In article Ryoshi talked about Shi, although not technically, what Shi’s purpose was.

So why do we need a stablecoin?
Stable currencies play a major role in projects… pic.twitter.com/JPoB2d1Oux

— Vet KUSAMA ™ (@vetkusama) October 19, 2023

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 ecosystem 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 ecosystem 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 ecosystem, 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 Alerts 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.

🚨 🚨 4,544,030,677,374 #SHIB (32,142,200 USD) transferred from unknown wallet to unknown wallethttps://t.co/Y7jvL2qtJV

— Whale Alert (@whale_alert) October 21, 2023

Featured image from Capital.com