Shiba Inu (SHIB) could be on the verge of massive growth amid the team’s efforts to expand utility. SHIB is currently the second-largest meme coin, with more than $10 billion in market capitalization. At press time, SHIB was trading at a two-month high of $0.00001817 after a 33% gain in the last seven days.
SHIB’s rally is not just due to recovery across the broader market but also to the buzz surrounding various initiatives, including the SHI stablecoin.
In an X post, Shiba Inu’s marketing lead, Lucie, noted that the stablecoin will have a peg of $0.01. The stablecoin will be backed by collateral to ensure it maintains its peg, but the team was still exploring different collateral options.
Lucie noted that the stablecoin will introduce price stability, allowing people to conduct transactions, payments, and remittances within the SHIB ecosystem without worrying about price volatility.
Furthermore, the stablecoin will boost the adoption of the SHIB ecosystem by attracting those who remain hesitant to interact with crypto assets due to price volatility. As such, it will create an ideal entry point to the ecosystem, widening the user base.
In terms of development, the marketing lead noted that Shiba Inu developers were still conducting rigorous tests, and integration on Shibarium would happen once the infrastructure was ready.
“As development progresses, SHI is set to enhance the SHIB ecosystem’s capabilities, providing a reliable framework for decentralized finance and contributing to a more resilient financial landscape,” Lucie stated.
Shibarium TVL Hits a Record High
One area where the SHI stablecoin will be integrated is decentralized finance (DeFi). The planned integration comes amid significant Shibarium Total Value Locked TVL growth.
According to Shibarium Network, SHIB’s TVL has reached an all-time high of $3.64M. The growth was largely driven by the launch of the Bone Crusher product by the K9 Finance DAO, which allows crypto holders to earn yield on their BONE tokens.
Shibarium TVL hits an all-time high!
In just 1 week since the #Bonecrusher launch, TVL has surged to $3.64M. This is a major milestone for #Shibarium and a testament to the hard work from @K9finance. Let’s keep the momentum going! https://t.co/uCkFYFlUTm
— Shibarium Network (@ShibariumNet) September 26, 2024
Since the product launched, around 2.6 million BONE tokens have been locked in liquid staking, boosting overall liquidity. The activity is also triggering a rise in the SHIB burn rate.
At press time, the SHIB burn rate had increased by more than 640%, according to the Shibburn tracker. This means that within 24 hours, 5.5 million SHIB tokens were removed from the circulating supply, making a case for SHIB’s price rally.
