Shytoshi Kusama, the lead developer of Shiba Inu, has hinted at an important phrase progress in the ambitions of the project. Kusama’s statements, shared on X (formerly Twitter), provide insight into Shiba Inu’s strategic direction and its integration with broader internet infrastructure.
Referring to the fake Bitcoin ETF approval news, Kusama said: “Hey, SHIBARMY! While everyone is focused on approved or not, hacked or not, we stayed focused on creating what we said we would do: a network state. Since I hear a lot of Web 3, but not enough WEB, let’s talk about SHIB NAME TOKENS.”
Kusama elaborated on the direction of the project and emphasized the importance of domains in the digital world: “Domains are the identity layer of the Internet. They have been making the use of the internet easier for everyone for 40 years. Typing http://shib.io into your browser will take you to the Shib website. What if you could do more?”
In an effort to gain adoption, Shiba Inu has partnered with D3 to apply for the .shib Top-Level Domain (TLD), with the goal of making a significant impact on the Internet landscape. “This will allow us to tap into the infrastructure used by 5.3 BILLION people worldwide,” Kusama noted, highlighting the expanded reach of this effort.
The plan involves using domains to create a seamless identity layer for Shib on the web, without the need for any special software, wallets, plugins or extensions. This move could dramatically simplify user interactions with the Shiba Inu ecosystem, revolutionizing digital identity verification and interaction on Web3 platforms.
Kusama envisions a future where .shib domains can be used for a variety of purposes, including hosting websites, sending and receiving emails and digital assets, and serving as usernames on Web3 platforms.
“You already use domains everywhere in Web3. You use it to access our ecosystem, you use it to access the exchanges where you buy and sell SHIB, LEASH and BONE, you use it to open X and read this tweet. Now imagine if those domains ended in .shib,” Kusama noted.
Shiba Inu Price Analysis
At the same time, the technical analysis of the SHIB/USD pair points to a cautiously optimistic outlook. The weekly chart shows a breakout from the downtrend, as well as a so far successful retest of the breakout. As NewsBTC reported, SHIB broke out of the descending triangle pattern in early December and recorded a new higher high after a series of lower highs from August 2022 to November 2023.
Despite a retracement of around 28% from this local peak, SHIB has shown resilience by holding key support levels on the weekly time frame. Notably, last week’s closing price remained above the triangle’s descending trendline, which is a bullish signal. Moreover, SHIB managed to keep prices above the Fibonacci level of 0.236 at $0.00000878.
Maintaining price above the 20-week EMA is another bullish indicator, especially if SHIB manages to close above this level again this week. Should this trend continue, a retest of the Fibonacci level of 0.5 is plausible. However, traders should anticipate significant resistance in the zone between the 0.382 Fibonacci level, around $0.00001050, and $0.00001063.
In the event of an extended upward trajectory, the Fibonacci levels of 0.618 and 0.786, approximately $0.00001327 and $0.00001525 respectively, are about to become the next critical resistance point. The ultimate target for bullish momentum could be the August 2022 high at $0.00001777.
The volume profile reinforces this bullish outlook, revealing a spike in trading activity coinciding with the recent price increase, indicating robust buying pressure. The RSI’s neutral position at 53.63 gives flexibility to the market’s directional bias, implying that there is plenty of room for price expansion before the asset enters overbought or oversold territory.
Featured image from Shutterstock, chart from TradingView.com
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