The Shiba Inu team announced that work on the SHI stablecoin is ongoing. SHI aims to increase the price stability of Shibarium. Following these developments, the price of SHIB increased by 11 percent.
Shiba Inu marketing leader Lucie attracted the attention of the cryptocurrency world with her statements about the SHI stablecoin. Lucie stated that the stablecoin is a turning point for Shibarium and emphasized that it will be an important tool in terms of stability and usage for Layer 2. Although it has not been released yet, it is anticipated that its introduction in the memecoin ecosystem will be critical. In her official X post on September 26, Lucie stated that the SHI stablecoin, which was first introduced by Ryoshi in 2021, is still being developed, and said, “The original idea for SHI was to set it at $ 0.01; however, a specific mechanism has not yet been determined to achieve this goal.” In the meantime, the community continues to evaluate various options to strengthen the setup.
SHI’s Role on Shibarium
Lucie also explained why SHI is so important to Shibarium. SHI aims to increase price stability, expand usage, strengthen DeFi integration, increase adoption, provide liquidity, improve interoperability, and enhance transaction security. “As development progresses, SHI aims to increase the capabilities of the Shiba Inu ecosystem, provide a reliable framework for decentralized finance, and create a more resilient financial structure,” Lucie said.
Current Price Status of SHIB
Today, the price of Shiba Inu increased by nearly 11 percent, sparking speculation that it could reach $1 in a 2021-like rally. SHIB’s daily low and high were $0.00001475 and $0.00001652, respectively. Memecoin’s 24-hour trading volume also increased by 131 percent to $520.52 million, creating excitement in the memecoin community. According to Coinglass data, SHIB futures open interest increased by 22 percent in the past 24 hours to $42.43 million. In addition, memecoin’s derivatives volume increased by 192 percent to $179.36 million. This increase in SHIB’s price suggests that it is currently in an uptrend, and the announcement of the SHI stablecoin continues to create optimism for the memecoin.
The development of the SHI stablecoin and its integration into the Shibarium ecosystem is being closely monitored by the Shiba Inu community. Community members are evaluating the potential benefits of the stablecoin and the challenges they may face, while keeping the sustainability and security of the project at the forefront.
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