The Shiba Inu ecosystem is one of them fastest growing communities in the crypto industry. The meme cryptocurrency has come a long way in a short time with many tokens and updates to its ecosystem, but it certainly still has a long way to go. In a recent, not-so-surprising 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 big 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
Vet Kusama, a member of the Shiba Inu team, spoke in a post on social media platform X about the goal of a stablecoin previously highlighted by SHIB founder Ryoshi. Shi would be a stablecoin, meaning a cryptocurrency is pegged 1:1 to a fiat currency such as the US 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 the article, Ryoshi talked about Shi, although not technically, which was Shi’s purpose.
So why do we need a stablecoin?
Stable currencies play a major role in projects… pic.twitter.com/JPoB2d1Oux— Veterinarian KUSAMA™ (@vetkusama) October 19, 2023
As demonstrated by BUSD on the BSC chain, the concept of a stablecoin is intended to give investors the opportunity to participate in the cryptocurrency sector while experiencing lower volatility. Veterinarian Kusama draws a parallel with BUSD and notes that the operation of the SHI on Shibarium could be compared 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, “trading volume growth.”
We still don’t know how Shi will work, as no official information has been released. However, the team member did say 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, exchange or deposit into liquidity pools on ShibaSwap. These tokens are all are doing relatively well with many investors and accumulation of whales occasionally. However, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, especially those who do not want to be exposed to crypto volatility.
Shi can also make it easier for Shiba Inu holders to buy and sell goods or services using their crypto, as evidenced by the fish seller example Ryoshi gave in a Medium item.
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