Shiba Inu to launch a new stablecoin. Is it a buy?

• Shiba Inu plans to launch new stablecoin

• SHIB Token Jumped 6% in the Last Week

• New token underway as part of Shiba Inu’s expansion plan

While market sentiment initially drove the mem token, some are gaining multiple use cases and project expansion. The Shiba Inu Inu is one such. The network recently integrated Metaverse Gaming and is now entering the stablecoin space. Its rival Dogecoin has also seen adoption as a form of payment.

The Shiba Inu token is based on the Ethereum blockchain as an ERC-20 asset. The token was founded in 2020 under the pseudonym ‘Ryoshi’. While the original purpose of the Shiba Inu was to have a decentralized digital currency for value sharing, the network is seeing many uses.

SHIB is a local token that powers the Shiba Inu as a utility token. The protocol has made two other tokens, Leash and Bone, available in its in-built Shibaswap DEX. Token holders can wager SHI tokens for xSHIB in the xSHIB pool.

Shiba Inu to unveil new stablecoin

Shiba Inu’s lead developer, Shiotoshi Kusama, Haso announced There are plans to launch an experimental stablecoin. The developers said that the SHI stablecoin will launch in about a year. The SHI comes in the midst of a volatile stablecoin market that saw an algorithmic TeraUSD collapse.

The mem-token community is also planning to have a new reward token called Treat. The token will reportedly be useful in the Shiberium metaverse and the upcoming collectible card game. Kusama said that Shiberium was on track with new developers working on the project.

It seems that the developments surrounding the Shiba Inu are giving it some momentum. newest information CoinMarketCap shows that the Mem coin is trading at $0.000001081 after a 2.67% increase over the past day and a 6.85% weekly gain.

SHIB shows momentum amid consolidation

Source: TradingView

The daily price outlook above shows that the SHIB has remained range bound since May 12. The coin is trading between a low of $0.0000726 and a high of $000001243. However, MACD is looking bullish. The RSI is slightly above the neutral reading but above the oversold zone.

summary

SHIB is showing bullish momentum as the cryptocurrency is on a recovery path. While meme tokens like the Shiba Inu were initially viewed as lacking real use cases, the trend is changing. Entry into the stablecoin space and the metaverse could bring long-term value and benefits to SHIB holders.