Amid swirling speculation and anticipation around the upcoming SHI stablecoin, Vet Kusama, an integral member of the Shiba Inu team, took to social media platform X (formerly Twitter) to provide clarity. Kusama’s message sought to elucidate the role of SHI in the Shibarium chain and address rumors surrounding its launch.
Crucial Message About Shiba Inu’s Stablecoin SHI
Detailing SHI’s role, Vet Kusama remarked, “Shi is part of the shiba ecosystem that will serve as a stablecoin in the shibarium chain.” He went on to emphasize the importance of stablecoins in the broader cryptocurrency environment, explaining that they “play a major role in projects that create their own chains and in other digital asset purchases and sales.”
Drawing comparisons to other chains, Kusama noted, “Just as the BSC chain uses BUSD as a stablecoin, SHI will be used in the same way in Shibarium.” This statement underscores the importance of SHI in the Shibarium chain, signaling its potential as a cornerstone asset.
Further into his message, Vet Kusama also underscored the ongoing experimental nature of SHI, which aims to be an algorithmic stablecoin with a peg to the value of $1. This design ensures its reduced volatility, especially when contrasted with more fluctuating crypto assets like SHIB, BONE, Bitcoin, or Ethereum.
Touching on recent events and developments, Kusama alluded to past pitfalls in the crypto space, mentioning, “We saw some bad examples last year.” This was likely in reference to incidents like the Luna Foundation UST algorithmic stablecoin collapse and regulatory challenges Binance was facing over the BUSD stablecoin. Vet Kusama’s message makes it evident that such historical missteps are guiding the approach of the SHIB development team with SHI.
Moreover, the Shiba Inu team member provided a stern warning to the Shiba Inu community about the current status of SHI. Vet Kusama made it abundantly clear that there’s no official data on SHI’s value or supply. “Don’t forget!!! No pre-purchases or airdrops! Everyone will meet Shi and Treat at the same time,” Kusama firmly stated, hoping to squash any misinformed actions by eager community members.
No Launch Date Yet
Notably, the SHI stablecoin was originally planned to launch in 2022. Shytoshi Kusama, the lead developer of Shiba Inu, announced this launch plan in July 2022, stating that SHI could be released as early as that year, provided there were no obstacles.
In a later update in September 2022, it was confirmed that SHI was still on track for a 2022 launch, as mentioned in a blog post by Shytoshi Kusama. However, as of today, there haven’t been any official statements on a precise launch date.
Further warnings came in the form of reminders about the status of another Shiba Inu-based token, TREAT, which, like SHI, is yet to be released. Vet Kusama emphasized that the Shiba Inu representatives have confirmed that TREAT would serve as a reward for staking within the Shiba Inu ecosystem.
As Bitcoinist reported, there have been multiple warnings from various SHIB team members about deceptive tokens being pushed by scammers in recent weeks.
At press time, SHIB traded at $0.00000696. As discussed on NewsBTC, the Shiba Inu price is still at a critical level. The 1-week chart indicates either a steep recovery rally or a dip toward the yearly low at $0.00006.
SHIB price confronted with crucial moment, 1-week chart | Source: SHIBUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Author: Jake Simmons