Shiba Inu, a meme-based altcoin known as SHIB, has seen a significant surge in its price over the past 24 hours. The rally has caused prices to soar by 14.40% at the current moment.
The marketing lead of SHIB, named ‘Lucie’, disclosed the development of a stablecoin for the Shibarium ecosystem in a recent post. This stablecoin, called SHI, is anticipated to enhance stability and utility within the Shib ecosystem. Its release aims to elevate Shibarium’s ecosystem.
With the positive response from the market, SHIB has accrued over $1 billion in market cap within a day due to the price surge. Although the launch date of the stablecoin remains undisclosed, it is under intensive development and testing. The intention is to peg the coin at $0.01, with the specific mechanism yet to be unveiled.
Despite uncertainties surrounding the specifics and regulatory oversight, it’s evident that the price surge resulting from the stablecoin announcement holds substantial significance compared to other factors, such as influencer endorsements.
Looking ahead, successful development and adoption of the stablecoin are expected to greatly enhance the Shibarium ecosystem. This enhancement could bring increased liquidity to SHIB and transform the meme-based coin into a more functional component of the competitive DeFi space.
Furthermore, SHIB has shown a remarkable upward trend, with a 21.61% increase on the weekly chart, 19.29% on the monthly chart, and a notable 65.94% increase year-to-date. Predictions made by ChatGPT’s model and analysts like Alan Santana indicate the potential for significant price appreciation in the future.
While the AI model suggests SHIB could hit $0.01 in the next 5 to 10 years, Santana’s analysis outlines a path to a record high of $0.00023179, representing a substantial 1,640.16% increase from the current price of SHIB.
Considering the positive trajectory for Shiba Inu, traders are advised to stay informed about any updates related to the forthcoming stablecoin launch. The post “SHIB price rockets 14% in a day amid stablecoin hype” was originally published on Finbold.