- The Shiba Inu ecosystem now has its own decentralized naming service.
- SHIB’s price is expected to decline as selling pressure increases.
In a blog post published on October 31, Shiba Inu’s [SHIB] lead developer Shytoshi Kusama announced the launch of the “Shib Name Service” (SNS) on Shibarium.
No tricks here, just the first of many treats. 👇👇👇 #SHIBARMYSTRONGhttps://t.co/Y6glScbuus
— Shytoshi Kusama™ (@ShytoshiKusama) October 31, 2023
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SNS is a decentralized naming service that allows users to create human-readable addresses for their Shibarium wallets. As described by Kusama, with SNS,
“You no longer have to navigate through complex Shibarium addresses. Instead, you can send tokens to your friends and contacts with their unique Shib names. For example, you can send tokens to “bob.shib” instead of a long and confusing wallet address like 0xCD4C526E9981d690472d1cB85F2ddf08451C4673.”
Kusama added that offering human-readable addresses on the recently launched Shibarium Layer 2 (L2) network will improve user experience when it comes to transferring tokens between addresses on the network and interactions between the decentralized applications (dApps) included in the protocol.
Furthermore, SNS is part of a broader vision called ‘Shibdentity’, which aims to create a decentralized identity platform for the Shiba Inu community.
Shibdentity allows users to manage their digital identity and communicate more securely and privately within the Shiba Inu ecosystem.
SHIB’s lame response
While this marked an important development within the Shiba Inu ecosystem, the network’s native currency did not react positively to the news. Exchanging hands at $0.000007662 at the time of writing, the coin’s value fell by 3% in the last 24 hours, data from CoinMarketCap showed.
Readings on the coin’s 12-hour chart showed that while accumulation continued among spot traders, momentum began to wane.
Although SHIB’s key momentum indicators were above their respective neutral lines at the time of writing, they were trending down. This suggested that selling pressure was beginning to increase.
Further, according to the coin’s Directional Movement Index indicator (DMI), the positive directional index (green) of 18.21 aimed to move below the negative directional index (red) of 15.91.
This indicated that the bears were gearing up to regain market control from the bulls. If this happens, SHIB’s value is expected to decline further.
Source: SHIB/USDT, TradingView
How much are 1,10,100 SHIBs worth today?
Interestingly, while the price of the coin has begun to show signs of an impending decline, traders in the futures market have continued to bet on a price increase.
According to data from Mint glassSHIB’s financing rates have remained significantly positive since October 19.
Source: Coinglass