Something unusual is happening with the Shiba Inu (SHIB) as numerous numbers are skyrocketing today. Shibbern’s data shows that starting with the burn rate, the figure jumped over 640% in 24 hours to SHIB 5,555,360. This growth is evidence of bull activity in the Shiba Inu ecosystem.
Shiba Inu Price and Potential Catalyst
As moderate as the total amount of SHIB burned was, the price of the token has risen more ambitiously. At the time of publication, it was ahead of the 20 largest coins in price after rising 13% in 24 hours.
This growth rate has pushed SHIB’s price to $0.0000168, the highest level it has reached in the past month, providing a major boost to profitability.
Optimism for the Shiba Inu has increased recently following an update from Project Marketing Manager LucySHIB regarding a proposed stablecoin he is planning. The team believes it is time to introduce a stablecoin, called SHI, which will be pegged at $0.01.
In full disclosure, LucieSHIB noted that the team has not defined a specific mechanism for achieving this binding with further updates. However, she did reveal some of the main benefits of the stablecoin, including its potential role in the ecosystem.
Stablecoin SHI: a key achievement of stability and utility of the Shibarium ecosystem
The SHI stablecoin is a major development in the Shib ecosystem that is currently in development and has not yet been released. It is expected that its implementation will significantly improve Shibari… pic.twitter.com/UyrJgnYR45
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 26, 2024
Shiba Inu is growing rapidly and continues to introduce new products and services to serve its growing community. Although the timing of the SHI launch remains unknown, it has given the community another positive boost to do everything possible to develop the token.
Shibarium reboot
The emergence of SHI will serve as the missing ingredient for decentralized applications and Shibarium projects. With SHI, various smart contracts hosted in a layer 2 scaling solution will have backup liquidity that can best support their growth.
Overall, Shibarium has been preparing for this potential reboot over the past months following the previous hard fork. Thanks to a certain increase in the number of transactions, Shibarium will grow even more in the near future.