Crucial Message About Shiba Inu’s Stablecoin SHI
Vet Kusama, a member of the Shiba Inu team, recently took to social media to clarify the role of the upcoming stablecoin SHI in the Shibarium chain. According to Kusama, SHI is part of the Shiba ecosystem and will serve as a stablecoin in the Shibarium chain. Stablecoins like SHI play a crucial role in projects that create their own chains and in digital asset purchases and sales.
Kusama also compared SHI to BUSD, the stablecoin used in the BSC chain. This comparison highlights the importance of SHI in the Shibarium chain and its potential as a cornerstone asset.
The Experimental Nature of SHI
Vet Kusama emphasized that SHI is an experimental algorithmic stablecoin with a peg to the value of $1. This design aims to reduce its volatility compared to other cryptocurrencies like SHIB, BONE, Bitcoin, or Ethereum.
Kusama mentioned past pitfalls in the crypto space and stressed that the SHIB development team is taking precautions to avoid similar issues. Historical missteps, such as the collapse of the Luna Foundation UST algorithmic stablecoin and regulatory challenges faced by Binance over BUSD, are guiding their approach with SHI.
A Stern Warning
Kusama issued a stern warning to the Shiba Inu community regarding SHI. He made it clear that there is no official data on SHI’s value or supply and cautioned against pre-purchases or airdrops. The community members will all have access to SHI at the same time.
No Launch Date Yet
The launch of SHI was originally planned for 2022, but there have been no official statements on a precise launch date. The lead developer of Shiba Inu, Shytoshi Kusama, announced the launch plan in July 2022. However, the latest update confirmed that SHI is still on track for a 2022 launch.
Warnings About TREAT
Vet Kusama also reminded the community about the status of TREAT, another token based on Shiba Inu. Like SHI, TREAT has not been released yet and will serve as a reward for staking within the Shiba Inu ecosystem.
Hot Take: SHIB Price Outlook
At the time of writing, SHIB is trading at $0.00000696. The price is at a critical level, and the 1-week chart suggests either a steep recovery rally or a dip towards the yearly low at $0.00006.
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