Shiba Inu’s SHI token is under works; Here’s all we know

Namrata Shukla
shiba inu burn portal
Source: Pixabay

The Shiba Inu community has been awaiting an array of developments that are soon going to be up. As the SHIB ecosystem expands, it will be doing so alongside the SHI stablecoin. Not to forget Shibarium, which has also been a crucial talking point when discussing SHIB price. According to Shiba Inu developer Kaal Dairy, he was working on it.

@kaaldhairya tweeted recently noting at least five projects that he was currently working on, including the stablecoin SHI. He even asked the community to vote for preferred collateral.

“The #SHIB MV is coming to #SHIBARMY! Lands are becoming available really soon and you can get in early by locking your $LEASH or SHIBOSHIS at (Wonder if you’ll end up near my land?)”

The development of SHI is going to be important for the growing Shiba Inu ecosystem like other stablecoin projects USD Coin [USDC] or Tether [USDT]. People are speculating SHI to be a reserve token, however, this was not officially confirmed. Shi’s development was also confirmed by Milkshake, Growth breed member.

When the project was first announced, Ryoshi mentioned that SHI will sit alongside the Shibarium layer-2 network and will be a part of the upcoming Shiba Inu NFT game. SHI will operate on Ethereum as well as the Shibarium networks simultaneously. The founder wants to make the stablecoin SHI a global stable currency that can be used by all countries as a store of value and payment method.

He noted,

“The end goal is that SHI (operating both on ETH and the Shibarium) becomes a global stable currency that plebs across all countries are able to use as both a store of value and method of payment.”

As the community now knows that SHI was indeed under development, they might be able to get a peek into the project soon. The stablecoin is being built by the in-house team and not relying on a third party, as mentioned earlier. However, the schedule of the launch was still kept under wraps.