Shiba Inu token needs no further introduction. The cryptocurrency was born to stay, and its ecosystem developers are leaving no stone unturned to launch lucrative projects that will benefit investors.
The SHI Stablecoin is one such product offering that may help catapult SHIB’s price to new highs. After the stablecoin announcement, Shib spiked 30% to hit a new high of $0.00001873. Will this surge continue in the long haul?
Also Read: Bitcoin Falls to $63K After Fed’s Rate Cut Hints: Investor Alert!
The SHI Stablecoin Launch: More Details
As per Lucie, Shiba Inu’s market lead, Shi Stablecoin, is the pivotal focus of the Shib ecosystem. Dubbed a development that emphasizes stability and utility in the Shibarium ecosystem, SHI Stablecoin was conceptualized first by Ryoshi in 2021.
Elaborating more about the stablecoin, Lucie shared how it’s designed to be a stable decentralized currency with a target peg of $0.01.
“Introduction: SHI was first introduced by Ryoshi in 2021, designed to function as a stable, decentralized currency. Target Peg: The original idea for SHI is to peg it at $0.01, though the specific mechanism for achieving this peg has not been determined.”
She later shared that community discussions are also ongoing to explore collateral options that may help the SHIB stablecoin peg effectively. At the same time, leading SHIB leaders Kaal Dhairya and Shytoshi Kusama will oversee SHI stablecoin operations, which are currently underway.
“Development Oversight: Developers Shytoshi Kusama and Kaal Dhairya have emphasized that SHI is still under development and undergoing rigorous testing.”
Also Read: Ripple To Break Consolidation? When Will XRP Claim Its $0.74 Level?
AI Predicts SHIB’s Price For This Weekend.
The launch of the SHIB stablecoin is crucial to Shib’s price in many ways. For instance, the launch of Shi Stablecoin will deliver stability in a usually volatile cryptocurrency domain. It will also increase Shiba Inu’s practical purposes, bringing in more users and transaction demand for the tokens. While this development may take a while, here’s how SHIB may perform this weekend.
According to CoinCodex, Shiba Inu may spike by 115% to hit a new price high of $0.00003779 by October 6, 2024.
The token may ultimately end the month on a modest peak, stabilizing back to its current price of $0.00001820.
“According to our current Shiba Inu price prediction, the price of Shiba Inu is predicted to rise by 0.12% and reach $0.00001820 by October 31, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 50 (neutral). Shiba Inu recorded 17/30 (57%) green days with 14.32% price volatility over the last 30 days. Based on the Shiba Inu forecast, it’s now a good time to buy Shiba Inu.”
Also Read: Shiba Inu: What A $100 Investment During Its Launch Net You Today?