It is definitely possible!
I am happy that now Shiba Inu will now have at least one utility - anonymity! Earlier this coin was absolute rubbish without any utility at all. But I am glad to see that it is becoming privacy focused and preparing to becoming a competitor of Zcash or XMR. Good call by the dev team.
Now the value of Shiba Inu should start an upward trend due to the great utility planned to be launched.
Would you really call that any more utility then sending tokens normal way? Only difference is that this rubbish is now using third party service for private transactions.
It's not in a any way in competition of any of the privacy coins out there, especially with Zcash or XMR who have insanely talented dev team.
I would still call it an utility! Shiba inu is a shitcoin and we all know that it was built as a memecoin. But it has received unparalleled love from the crypto community and the speculators.
Now when this meme coin is thinking to move to a privacy regime, it is actually bringing in an utility to the community. Now there will be atleast a reason to buy and use Shiba Inu. So I will stand for what I have said.