TLDR

  • Shiba Inu’s lead developer Shytoshi Kusama publicly praised TRON’s Justin Sun and his blockchain’s achievements in stablecoin adoption

  • TRON currently processes 92% of USDT transactions and hosts $60B in USDT despite having only a $17B market cap

  • Shibarium, Shiba Inu’s layer-2 network, reached an all-time high TVL of $8.57 million

  • Speculation is growing about the upcoming launch of the TREAT token

  • SHIB’s price has seen a 48% increase over the past month despite recent daily fluctuations

In a notable development for the Shiba Inu ecosystem, lead developer Shytoshi Kusama has publicly acknowledged TRON’s achievements in the stablecoin space, while hinting at similar ambitions for SHIB’s future growth.

The statement comes as Shiba Inu experiences a strong month of price action, with a 48% increase in value over the past 30 days.

On November 26, Kusama responded to TRON founder Justin Sun’s social media post, expressing admiration for TRON’s success in achieving product-market fit within the cryptocurrency space.

“You were a big inspiration for me early on, and I am proud to see you achieve PMF in this space,” Kusama stated, referencing TRON’s dominance in stablecoin transactions.

The praise comes at a time when TRON’s blockchain has established itself as a major player in stablecoin infrastructure, processing an impressive 92% of USDT transactions.

Current data shows that TRON hosts $60 billion in USDT, despite having a market capitalization of only $17 billion, according to analysis shared by CryptoQuant CEO Ki Young Ju’s Alt account.

Adding substance to the ecosystem’s growth narrative, Shiba Inu’s layer-2 network, Shibarium, has reached a new milestone. The network’s Total Value Locked (TVL) hit an all-time high of $8.57 million, as confirmed by LUCIE, Shiba Inu’s marketing lead. This achievement marks a crucial step in the platform’s development and adoption.

The cryptocurrency’s recent price movements reflect this positive momentum. While SHIB experienced a modest 1% daily decrease, trading at $0.00002529, the broader picture shows robust growth over the past month. The token’s daily trading range established a low of $0.00002436 and a high of $0.0000264, demonstrating active market participation.

Kusama’s statement that the Shibarmy “will achieve the same (product-market fit) in a different manner” has sparked discussions within the community about upcoming developments. Market observers are particularly focused on the anticipated launch of the TREAT token, which represents another step in expanding the SHIB ecosystem.

The ongoing token burning mechanism continues to play a role in SHIB’s market dynamics. Regular token burns reduce the overall supply, which could impact price action over time. This systematic reduction in circulation has maintained investor interest in the project’s long-term prospects.

Technical analysis of SHIB’s price action indicates potential for further upward movement, supported by the strong monthly performance and ecosystem developments. The combination of infrastructure growth and reduced token supply has created a foundation for sustained market interest.

Community engagement remains high, with social media discussions centered around both the technical achievements and future roadmap. The acknowledgment of TRON’s success model has led to increased speculation about how the Shiba Inu team plans to implement similar strategies within their ecosystem.

Market participants are closely monitoring the relationship between ecosystem development and price action. The correlation between infrastructure improvements and market performance has become a key focus for analysts tracking SHIB’s progress.

The layer-2 solution Shibarium continues to demonstrate growing adoption, as reflected in the rising TVL figures. This increase suggests mounting confidence in the network’s capabilities and potential for supporting future applications.

Trading volumes have remained stable during this period of growth, indicating sustained market interest in SHIB tokens. The balance between buying and selling pressure has maintained price stability while allowing for gradual appreciation.

Recent data shows continued accumulation by long-term holders, despite short-term price fluctuations. This pattern suggests a maturing market perspective on SHIB’s role in the broader cryptocurrency ecosystem.

The timing of these developments coincides with a generally positive sentiment in the cryptocurrency market during Q4 2023. SHIB’s price movements have aligned with broader market trends while maintaining its unique growth narrative.

The most recent data shows SHIB trading at $0.00002529, with its monthly gains standing at 48% and Shibarium’s TVL at an all-time high of $8.57 million.

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<p>The post Shiba Inu Lead Developer Acknowledges TRON’s Stablecoin Success first appeared on CoinBuzzFeed.</p>