- Shytoshi Kusama dropped the details of the experimental stablecoin project SHI.
- Developers will share further information about the stablecoin, which will be released later this year.
- The current version of SHI avoids the issues found in Terra’s stablecoin that sent shockwaves across the crypto ecosystem.
Shiba Inu developers are working on exciting developments in the ecosystem in Shibarium, TREAT and SHI. Shytoshi Kusama addressed the ShibArmy and alleviated their concerns about the new stablecoin. Kusama assured Shiba Inu holders that SHI will not face the same fate as Terra’s UST.
Also read: Three factors behind Shiba Inu price that can trigger an important movement
Shiba Inu developers are working on stablecoin SHI
Shiba Inu ecosystem’s lead developer Shytoshi Kusama published a recent update on ongoing projects Shibarium, SHI, TREAT and the Shiba Metaverse. Shytoshi commented on the collapse of Terra’s TerraUSD (UST) given the growing concerns among market participants.
Soon after Tron’s USDD launch, the stablecoin suffered a depeg and holders feared a UST-like collapse. While fears about the stability of stablecoins increased, Kusama shared insights on the current version of SHI. Kusama told the ShibArmy that an independent group of developers in Shiba Inu’s decentralized network are working on SHI.
The blog reads:
Needless to say Shi is a concern after watching other stable tokens collapse and billions in dollars get wiped off the market completely. *Poof* WOOF! So as for Shi, we’ve seen independent development from a group of developers in our decentralized network.
Developers have submitted a version of Shiba Inu’s stablecoin SHI that avoids the issues found in other moonshots. SHI will be used to counter and balance payments that need to be done, without market fluctuations.
Stablecoin SHI is an experimental protocol, and a detailed announcement with critical information about the project will be published soon. Kusama believes SHI will be released in 2022, bearing no issues.
Shibarium development is on track
Shibarium, considered a key component in Shiba Inu’s ecosystem, is under development. The layer-2 scaling solution will see the launch of its public beta phase in Q3 2022, based on Unification Foundation’s announcement.
Shytoshi tells the ShibArmy that the development is on track, new developers were hired and the redesign of the web portals is underway. The team is moving fast to complete the project and Shibarium is a core component for Shiba Inu and Ryoshi’s vision for the project. xFUND and SHIB developers will soon finalize a date for the public beta and make an announcement.
271.2 million Shiba Inu coins burned since July 5
Based on data from Shiba Inu’s burn portal Shibburn, a total of 271.2 million SHIB were burnt in 14 transactions since yesterday, July 5, 2022. Shiba Inu burn has intensified since the meme coin hit a key milestone of 410.3 trillion SHIB.
Over 41% of the Dogecoin-killer’s circulating supply is permanently destroyed and out of circulation. Based on the initial plan, burn is expected to push the value of the Shiba Inu coins held by the community higher.
No tricks, only TREAT
Shytoshi delighted the ShibArmy with news about TREAT, the reward token for the community. Kusama cited the recent announcement of BONE rewards for validators and processes within the Shiba Inu ecosystem. Kusama informed the ShibArmy that TREAT would act as a reward for the community and the metaverse. A limited supply of TREAT will be reserved for Breed members and tokenomics will be released soon.
Shiba Inu to allow traders to recoup losses?
Tony M, a crypto analyst at FXStreet recently evaluated the Shiba Inu price chart and noted that the meme coin’s consolidation is a precursor of a sharp rally. The analyst argues that Shiba Inu presents a bullish setup and an entry with 4-1 reward-to-risk ratio.
Analysts argued that Shiba Inu’s competitor Dogecoin is likely to offer traders a profitable trade opportunity. For more information and key price levels, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.