Shiba Inu Partners With Shiro Neko To Launch Dual-staking Mechanism

Shiba Inu SHIB, the leading dog-themed meme coin, has announced a partnership with Shiro Neko SHIRO, an Ethereum-based, cat-themed token, to launch a dual-staking mechanism, aiming to create new earning opportunities for both communities while driving engagement. The collaboration will see both ecosystems introduce a program to allow users to stake SHIB to earn SHIRO, while those who lock up SHIRO will be rewarded SHIB.

The dual-staking initiative will be available for SHIB and SHIRO users starting December 3, 2024.

Despite the excitement surrounding the partnership, the reactions to the announcement were mixed. While some Shiba Inu community members supported the initiative, believing it could further drive adoption rates for SHIB, others questioned the legitimacy of Shytoshi Kusama, the lead developer of Shiba Inu, and his involvement with the development of Shiro Neko.

Popular Shiba Inu community member Danoshi took to X and jokingly suggested to Kusama that the partnership between the two meme coins "is not scammy". However, the lead developer replied to the post by stating that he has no involvement with Shiro Neko, requesting the community to not link him to the project.

Concerns surrounding Shiro Neko aren't new. Last month, Susbarium, a community-led scam awareness channel tied to Shiba Inu, issued a warning after the project conducted a significant token burn, eliminating 5.58 billion SHIB in a single transaction. Following the token burn event, Shiro Neko asked whether they could become friends with Shiba Inu.

A few minutes after the post, Susbarium encouraged Shiba Inu community members to be wary of new token projects as a promotional strategy for their SHIRO token. Although it did not label the token as a scam, it urged community members to conduct due diligence before investing in the asset.