- Shiba crypto whips up double-digit gains for two consecutive days.
- Looming stablecoin launch excites SHIB traders as volume soars.
- Santiment warns of rising FOMO levels as SHIB nears $0.00002.
Shiba Inu’s (SHIB) Layer-2 blockchain Shibarium is set to have its own stablecoin $SHI. The first-ever stablecoin issued by a meme token’s developer team takes inspiration from Ryoshi, the mysterious founder of SHIB.
SHIB Stablecoin: What We Know So Far
Lucie, SHIB’s marketing lead, elaborated on the fundamentals of the SHI stablecoin in a message on X. According to Ryoshi’s vision, this stablecoin is meant to be pegged to $0.01, helping crypto investors mitigate risks during drastic market price swings. SHI will be pivotal in Shibarium’s liquidity provision and yield farming.
At present, Shibarium developers are in talks with the Shiba community, known as SHIB Army, about possible collateral options that would cover the 1 cent peg. Shiba Inu’s marketing lead also highlighted the cautious approach towards the issuance of SHI, learning from the challenges of already launched stablecoins.
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Developers Shytoshi Kusama and Kaal Dhairya underlined the importance of rigorous testing on Shibarium’s testnet but didn’t give an exact launch date. According to Lucie’s message, SHI is expected to go live “when the infrastructure is fully prepared, ensuring stability and utility within decentralized finance.”
Bursting SHIB Volume Outshines Big Boys
SHIB has rocketed in trading volume this week, fetching above $2.09 billion over the past 24 hours. The on-chain activity outsources multiple large-cap altcoins, such as Ripple (XRP), Cardano (ADA), and the competing Dogecoin (DOGE).
Meanwhile, a strong wave of leveraged trades in the Derivatives markets has prompted a 234% rise in SHIB’s 24-hour Derivatives volume, now topping $1.20 billion. The renaissance in activity has contributed towards a 43% rally for SHIB’s price, but that’s not all.
During the nine-day rally, SHIB saw a rapid spike in whale transactions, with 27 SHIB transfers exceeding $1 million, according to Santiment. The social blockchain data platform reported a growing social dominance. Still, it argued that an imminent Shiba crypto price rise to $0.000043 will not happen before a crypto market correction phase evens the ongoing rally.
As of press time, SHIB is changing hands at $0.00001958. After picking up 13.7% gains yesterday following the Shiba Eternity update, Shiba Inu tacked on 16% more on Friday, nearing the next resistance bubble starting at $0.00002 with 89.91T SHIB in resistance.
On the Flipside
- According to Santiment’s analysis, Shiba Inu has a high level of Fear Of Missing Out (FOMO), which often signals a local top.
- The on-chain data analysis considers a retest of the Spring rally heights at $0.000043 plausible after “the high bullish narratives calm down slightly.”
Why This Matters
New utility cases and upgrades can stir community curiosity, nurturing the associated crypto’s relevance in the market beyond trading.
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