The second popular meme coin Shiba Inu is showing a strong bullish pattern because of the stablecoin launch plan.
Shiba Inu is a popular meme coin. This coin came into popularity because of the shoutout of Tesla CEO Elon Musk on Twitter. Personally, Elon doesn’t hold any kind of such coins but still, Shiba inu the community always tries to drag the name of Tesla CEO to gain more and more popularity. Indeed Shiba Inu is not a coin, instead, it is a token, which was initially launched on the Ethereum network.
Recently, a lead developer of the Shiba Inu project Shytoshi Kusama said through a blog post that the developer team behind the Shiba Inu decentralized coin project is working on a stablecoin “SHI”. That stablecoin will be the main coin of the decentralized blockchain ecosystem of Shiba Inu.
According to Shytoshi, if everything will happen perfectly under the plan then the team may unveil it before the end of this year.
Through the blog post, Shytoshi said that developers of the Shiba Inu project team started their experimental work on a stablecoin protocol “SHI”, after the collapse of one of the leading stablecoin Terra UST. According to him, developers are looking to fill the loopholes and fix the issues associated with other risky stablecoins.
Shytoshi also said that the experimental protocol aimed to bring a highly balanced stablecoin, to remain away from any kind of fluctuations & possible panic. Shiba Inu token developer didn’t provided full details about the “SHI” stablecoin but claimed that complex information will be provided by the team after the completion of work on this project.
The developer team behind the Shiba Inu project team is working on a native blockchain network, which will provide a Layer2 scaling solution to other crypto networks, mainly for the Ethereum blockchain.
However Shiba token will not be a native token on the Shibarium layer-2 blockchain but still, the Shiba Inu token will be supported via the Layer2 scaling solution to the Ethereum blockchain. The exact release date of the Shibarium blockchain is unknown but it is expected that it will be launched this year.
Read also: Financial Stability Board will unveil a global crypto regulation framework this year
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