Amid swirling speculation and anticipation surrounding the upcoming SHI stablecoin, Vet Kusama, an integral member of the Shiba Inu team, took to social media platform X (formerly Twitter) to offer some clarity. Kusama’s message sought to clarify SHI’s role in the Shibarium chain and address the rumors surrounding its launch.
Crucial Message for Shiba Inu Stablecoin SHI
The role of SHI, Vet Kusama in detail he noticed, “Shi is part of the shiba ecosystem that will serve as a stable currency on the shibarium chain.” He went on to emphasize the importance of stablecoins in the broader cryptocurrency environment, explaining that they “play an important role in projects that create their own chains and in other buying and selling of digital assets.”
Drawing comparisons with other chains, Kusama noted, “Just as the BSC chain uses BUSD as a stablecoin, SHI will be used in the same way on Shibarium.” This statement underscores the importance of SHI in the Shibarium chain, signaling its potential as a cornerstone.
Further in his message, Vet Kusama also highlighted the ongoing experimental nature of SHI, which aims to be an algorithmic stablecoin with a $1 price commitment. This design ensures its reduced volatility, especially when contrasted with more volatile crypto assets such as SHIB, BONE, Bitcoin or Ethereum.
Referring to recent events and developments, Kusama alluded to past pitfalls in the cryptocurrency space, stating, “We saw some bad examples last year.” This likely involved incidents such as the collapse of the Luna Foundation algorithmic stablecoin UST and regulatory challenges faced by Binance regarding the BUSD stablecoin. Vet Kusama’s message makes it obvious that such historical mistakes are guiding the SHIB development team’s approach to SHI.
In addition, the Shiba Inu team member gave a stern warning to the Shiba Inu community about the current state of SHI. Vet Kusama made it abundantly clear that there is no official data on SHI’s value or supply. “Do not forget!!! No pre-purchases or airdrops! Everyone will meet Shi and Treat at the same time,” Kusama stated firmly, hoping to quell any misinformed actions from willing members of the community.
No release date yet
In particular, the SHI stablecoin was originally scheduled to launch in 2022. Shytoshi Kusama, the lead developer of Shiba Inu, was announced this July 2022 launch plan, stating that the SHI could launch as early as that year, provided there were no obstacles.
In a later update in September 2022, it was confirmed that SHI was still on track for a 2022 release, as stated in a blog post by Shytoshi Kusama. However, to date, there have been no official statements regarding the exact release date.
Further warnings came in the form of reminders about the status of another Shiba Inu-based token, TREAT, which, like SHI, has not yet been released. Vet Kusama emphasized that Shiba Inu representatives have confirmed that TREAT will serve as a reward for participating in the Shiba Inu ecosystem.
As Bitcoinist reported, there have been multiple warnings from various members of the SHIB team about misleading tokens being promoted by scammers in recent weeks.
At press time, SHIB was trading at $0.00000696. As was discussed on NewsBTC, Shiba Inu price is still at critical level. The 1-week chart indicates either a sharp recovery rally or a decline towards the yearly low of $0.00006.
Featured image from Shutterstock, chart from TradingView.com