In the past 24 hours, the price of the Shiba Inu meme token (quotation SHIB) has risen. The cryptocurrency rose more than 3% as of 15:30 PM ET today, thanks to the rebound in cryptocurrencies and the spread of news that Shiba Inu may be launching other projects on its network.
Shiba Inu has risen in the past couple of days as the world's largest cryptocurrency, Bitcoin (BTC), and the rest of the cryptocurrency market have recovered. At the time of writing, Bitcoin has risen around 12,5% over the past five days.
Yesterday, Shiba Inu lead developer Shytoshi Kusama said in a blog post that Shiba Inu is planning to launch a stablecoin project called Shi, a reward token and a new set of collectibles for the metaverse.
Stablecoins are digital assets attached to a commodity or fiat currency. There are also algorithmic stablecoins that are not backed by anything, but follow certain commodities or currencies.
“We have seen independent development by a group of developers in our decentralized network,” wrote Kusama. "They unveiled a version of Shi that appears to avoid the problems found in other moonshots, while allowing Shi to be used to counter and balance payments that need to be made without market fluctuations."
The Shiba Inu reward token will be called "Treat". The purpose of this token, according to Kusama, is to help level the expected stablecoin, as some stablecoins use sister cryptocurrencies to help the stablecoin maintain its peg. Treat tokens will also be used to get rewards in the Shiba Inu trading card game metaverse.
Now what can happen
While the stablecoin project sounds interesting, Shiba Inu is likely climbing in line with the rest of the cryptocurrency market. However, I would continue to advise investors to avoid the token, as it has never had a real use case or technical advantage over other cryptocurrencies.