Shiba Inu‘s Shib Name Service Officially Launched, Here’s Everything
shiba inu, one of the most popular meme coins traded in the cryptocurrency space, recently echoed a sense of frenzy in the broader crypto market on Thursday, March 7, when the meme coin’s lead developer touted the much-anticipated launch of the Shib naming service. . Shiba Inu D3 Inc., a DNS domain company. The Shib ad service, which emerged as a result of its partnership with , aims to revolutionize the Web3 initiative of Shiba Inu community members and increase optimism for meme money.
Meanwhile, the Shiba Inu native coin traded up nearly 150% at press time for the week, according to data from CoinmarketCap; This reflects the community’s optimism tempered by recent developments, including the launch of the Shib naming service. However, derivative data indicated that there was a bearish trend for SHIB in the market as of the time the news was published, fueling speculation about the Shiba Inu’s upcoming price movement.
Shytoshi Kusama Highlights Shib Name Service
Shytoshi kusama, lead developer of Shiba Inu, recently posted about He drew attention to the by-product of the merger with. According to the post shared today, March 7, Kusama stated with a slight sarcasm that she is ready to witness sales with extraordinary discounts in the initial stages of the Shib name service.
This immediately sparked the curiosity of traders and investors globally as the Shiba Inu attempted to further revolutionize cryptographic enterprise. The positioning of the .SHIB name service as one’s passport to the decentralized world further reflected the optimism around the Shiba Inu’s recent developmental initiatives, as seen in SHIB’s price movement over the past few days.Who doesn’t love 69…
% off a new Shib Name! to buy.
Remember, maybe with your help *Shib will be the next .com! Use my coupon code below as you take over the internet! pic.twitter.com/iyXUGpkwsz
— Shytoshi Kusama(@ShytoshiKusama) March 6, 2024
Meanwhile, the upcoming launch of LSD (Liquid Staking Derivatives) token KNINE is on the horizon today. The upcoming launch of this token, which is a byproduct of the strategic merger with K9 Finance, further fuels the optimism around SHIB.
However, memecoin is trading in the red as of press time following a significant upward move shown today, raising speculation about the potential impact of this development on SHIB’s market dynamics.
Also Read: Michael Saylor Delights in the Success of New Bitcoin ETFs
Shiba Inu Price Drops
As I write this, Shiba Inu price has recorded a 4.18% decline in the last 24 hours and is currently trading at $0.00003105. Interestingly, the token traded primarily in green today, according to data from CoinMarketCap. However, SHIB suddenly recorded a decline consistent with the memecoin’s derivative data.
Information released by Coinglass showed a significant 26.53% decrease in the coin’s open position, while a 54.88% decrease in volume. This signaled a decrease in money entering the market and also signaled a decrease in market activity for SHIB, giving rise to a downward trend. Even the decline in the OI-weighted funding rate, which fell to 0.0637%, increased this downward trend.
However, as seen in SHIB’s latest records, the Shiba Inu has rebounded remarkably following the developments depicted by the Shiba crypto community in recent days. Focusing on these previous price action changes, crypto market enthusiasts expect to see an increase in the future prices of the meme coin in line with SHIB’s previous efforts.
Also Read: CFTC Chairman Urges Congress to Pass Crypto Regulatory Legislation
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