Will the Shiba Inu Stablecoin Rip Off the Bandaid from SHIB’s Wounds?
The Shiba Inu stablecoin is expected to bring a new era to the SHIB ecosystem.
The Shiba Inu ecosystem has been consistent with its updates as developers have been working hard at it. According to the official Shiba Inu blog post, the primary financial components, Shibarium, SHI, and SHIBFE, are underway and shall be soon completed.
The cryptocurrency Shiba Inu is the most held token among the wealthiest Ethereum whales. Whales in the cryptocurrency world is a term used to describe individuals or institutions that hold large amounts of coins of a certain cryptocurrency. According to Whale Stats, a crypto whale tracker, Ethereum whales have emerged as one of the largest holders of Shiba Inu, holding up to US$1 billion SHIB. In the last seven days, Shiba Inu has fallen by 29.05 percent, and its current price, at the time of writing this article is US$0.00001259, still, Ethereum whales are staking up Shiba Inu amidst the stablecoin collapse.
Shytoshi Kusama, the lead developer of Shiba Inu has decided to stay tight-lipped about the accurate dates and when the developments would be out in the forefront, however, he mentioned in the blog post that he expects to see one or multiple technologies before the end of summer or early fall.
Shytoshi Kusama stated that all four components were in development and are quite close to their completion. He also mentioned in a report that ShibaSwap dex has been functional since July 2021.
Shibarium, the layer 2 blockchain for Ethereum, is supposed to offer scaling solutions and low fees for ‘projects.’ These projects in concern haven’t been specified clearly in the blog post. Kusama however, spoke of a Hackathon that shall be in place before the completion of these developments. Additionally, there has been a mention that Ethereum liquidity protocols, including AAVE, Curve, and Compound are expected to fork over onto Shibarium. It is quite evident that developers have been working hard to make the Shiba Inu ecosystem more appealing. But whether or not the SHI stablecoin will fulfill the demands of the Shiba Inu investors, only time will tell.