Top Shiba Inu Developer Gives Update on Ongoing Projects, Including SHI Stablecoin
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Shytoshi started by talking about Shibarium, Shiba Inu’s Layer 2 solution. The SHIB developer confirmed information recently published by X-Fund on the project’s progress, highlighting intense work on the interface and the usability of Shibarium. The developer asserted that although no public beta product launch date has been set, work on the blockchain proceeded according to plan.
Additionally, Shytoshi gave some insights into Shiba Inu’s upcoming SHI Stablecoin. The developer explained that the recent de-pegging and crash in Stablecoins like UST and USDN sparked some concerns for the development team. Regardless, the developer believes that similar issues can be avoided with SHI by employing its independent experimental decentralized protocol. Shytoshi further noted that additional details on the project’s progress provided it scales all obstacles encountered. All things being equal, SHI could launch as early as late 2022.
Finally, the developer apologized for the delay in the progress of the proposed SHIB metaverse, noting that the project’s release date should not have been announced due to possible delays and hindrances. That said, Shytoshi asserted that a new release date and timeline would be announced soon.
Key Shiba Inu Levels to Watch — July 6
Shiba Inu has held above the $0.0000100 mark since late June as traders await a meaningful amount of trading volume in the market amid the raging crypto winter.
On the larger time frame (daily chart), SHIB appears to be repeating a pattern recorded in early 2022. That said, a continuation of this pattern could see the meme token rerun above the $0.0000150 mark in the coming weeks. A confirmation of this pattern would be a leg-up towards $0.0000120 this week.
Meanwhile, my resistance levels are $0.0000120, $0.0000130, and $0.0000150, and my support levels are $0.0000090, $0.0000080, and $0.0000070.
Total Market Capitalization: $904.1 billion
Shiba Inu Market Capitalization: $6.19 billion
Shiba Inu Dominance: 0.62%
Market Rank: #14
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