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Shiba Inu plans to release new stablecoin
SHIB Token posted a 6% jump last week
New tokens in progress as part of Shiba Inu expansion plan
Market sentiment first drove meme tokens, but some have won multiple use cases and project expansions. Shiba Inu is one such thing. The network recently integrated the Metaverse game and is now in the stablecoin space. Rival Dogecoin is also used as a payment method.
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”. The original purpose of Shiba Inu was to use decentralized digital currencies to share value, but networks have many uses.
SHIB is a native token that powers the Shiba Inu as a utility token. This protocol creates two other tokens, Leash and Bone, which can be used with the built-in ShibaSwapDEX. Token holders can bet xSHIB SHI tokens in the xSHIB pool.
Osamu Kusama, the chief developer of Shiba Inu, publication We are planning to release experimental stablecoin. The developers said SHI Stablecoin will be available in about a year. SHI is in the midst of an volatile stablecoin market where the algorithmic TerraUSD has collapsed.
The meme token community is also planning to have a new reward token called TREAT. This token is reportedly useful in the Shivalium Metaverse and upcoming trading card games. Kusama added that Shibarium is on track with new developers working on the project.
Trends around the Shiba Inu seem to give it a bullish momentum.up to date data According to a CoinMarketCap article, meme tokens have increased by 2.67% in the past day, increased by 6.85% each week, and then traded at $ 0.00001081.
Source: TradingView
The daily price outlook above shows that SHIB will remain range bound after May 12th. Tokens are trading between a minimum of $ 0.00000726 and a maximum of $ 000001243. However, MACD is showing bullish momentum. The RSI is slightly above the neutral value, but above the oversold zone.
SHIB is showing bullish momentum as cryptocurrencies embark on a recovery path. Meme tokens like the Shiba Inu were initially considered to lack real use cases, but trends seem to be changing. Entry into Stablecoin Space and the Metaverse has the potential to bring long-term value and benefits to SHIB.
