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The founder of Shiba Inu (SHIB), Shytoshi Kusama, announced the launch of Shib Name Service. Although the announcement on October 31st caught investors’ attention, it seems to have had little impact for now.
The Future of Shiba Inu
To briefly explain SNS, it can be defined as a decentralized service that helps users convert their Shibarium wallets into readable addresses. Kusama describes it as follows:
Now you won’t have to navigate through complex Shibarium addresses. Instead, you can send tokens to your friends and contacts using unique Shib names. For example, instead of a long and confusing wallet address like 0xCD4C526E9981d690472d1cB85F2ddf08451C4673, you can send tokens to “bob.shib”.
Kusama made another statement, mentioning that the recent innovation in the Shiba Inu ecosystem’s Shibarium Layer 2 (L2) network could contribute to token transfers between addresses and decentralized applications (dApps) on the protocol.
SNS will also be part of a new innovation for Shiba Inu. It aims to be a decentralized identity platform called “Shibdentity.” Through Shibdentity, users will be able to manage their digital identities and navigate the Shiba Inu ecosystem more securely.
SHIB Price Chart
This development opened a new door in the Shiba Inu ecosystem. Although the native coin of the network, SHIB, did not respond positively to the news, it experienced a slight upward movement due to the overall market trend. As of the time of writing, SHIB was trading at $0.0000080.
Analysis of SHIB’s daily charts indicates that accumulation continues among spot traders. At the time of writing, SHIB’s key momentum indicators were above their neutral lines, showing an upward trend. This indicates the presence of overbought pressure.
After displaying a bearish structure a few days ago, SHIB charts now show that bears have stepped back and bulls are gaining strength again. In such cases, further upward movement can be expected for SHIB.
