Altcoin
Shiba Inu Exec Hints At SHI Stablecoin Launch
Shiba Inu marketing lead Lucie’s recent comments on the SHI stablecoin have garnered noteworthy attention across the global crypto landscape. On Thursday, the marketing lead revealed how the stablecoin is a game-changer for Shibarium, staging as a developmental key for stability and utility for Layer 2. Although not launched yet, its introduction to the meme coin’s ecosystem is expected to be pivotal.
Shiba Inu Marketing Lead Spotlights SHI Stablecoin Launch
In an official X post dated September 26, Lucie revealed that the SHI stablecoin, initially unveiled in 2021 by Ryoshi, is currently in the works. She added, “The original idea for SHI is to peg it at $0.01, though the specific mechanism for achieving this peg has not been determined.” Meanwhile, ongoing community discussions continue to gauge potential options to bolster the peg seamlessly.
Meanwhile, Lucie added that Shiba Inu lead developers Shytoshi Kusama and Kaal Dhairya also stressed that SHI is currently in development and under rigorous testing. The dog-themed meme coin’s community continues to take an apprehensive approach to the stablecoin’s release to ensure seamless utility and stability within the SHIB ecosystem. Concerning this, Lucie revealed that the project constantly learns from “the challenges faced by other stablecoins to ensure that SHI will be a secure and sustainable option.”
SHI’s Significance On Shibarium
Shiba Inu marketing lead also shared vital insights into why the stablecoin is important for Shibarium, the Layer 2 blockchain. SHI remains poised to enhance price stability, utility, DeFI integration, adoption, liquidity provision, interoperability, and transaction security, among a stockpile of other things.
“As development progresses, SHI is set to enhance the Shib ecosystem’s capabilities, providing a reliable framework for decentralized finance and contributing to a more resilient financial landscape,” Lucie concluded. These statements, in light of the looming SHIBACON event set to take place in November, have echoed a buzz among market enthusiasts.
Recently, the marketing lead also spotlighted another BONE-related development on Shibarium, garnering further attention to the meme-themed token across the broader market.
SHIB Price Action Today
Simultaneously, Shiba Inu price surged nearly 11% today, sparking speculations of hitting $1 on a 2021-like rally and SHI stablecoin launch. Shiba Inu’s intraday low and high were $0.00001475 and $0.00001652, respectively. The meme coin’s 24-hour trading volume surged by a whopping 131% to $520.52 million today. This rising action has caused a stir in the crypto community.
Coinglass data indicated a 22% surge in SHIB futures OI to $42.43 million. Further, the coin’s derivatives volume noted a staggering 192% uptick to $179.36 million. Coupled with today’s price upswing, SHIB currently seems to be on an uptrend. The SHI stablecoin announcement adds to the optimistic buzz surrounding the digital asset.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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