Shiba Inu unveiled the Shib Name Service feature for SHIB token holders on the Shibarium blockchain. This service simplifies addresses with user-friendly names, providing users with greater control over their SHIB identity. On the day of the announcement, the price of Shiba Inu dropped by 2%, leaving holders hopeful for a bullish response to this development.
On October 28, Shiba Inu introduced a new feature for SHIB token holders on its Layer 2 scaling solution, Shibarium. This feature, called Shib Name Service (SNS), enables users to personalize their names and manage their identity within the Shibarium ecosystem.
Despite this positive announcement, the price of SHIB on Binance dropped by 2% for its holders. Unfortunately, the bullish development did not lead to a Shiba Inu price recovery.
Shib Name Service Launches on Shibarium
Shiba Inu’s SHIB coin introduced the Shib Name Service (SNS) on Shibarium, which went live on November 1st. This is an important step for the SHIB community because it enables users to have simpler and more personalized names instead of complex addresses. For example, they can use names like “name.shib.”
This feature allows users to better manage their identity and interactions with the Layer 2 scaling solution. The project is also celebrating the launch with a $5,000 SHIB giveaway; you can find more details on their official tweet.
š The moment youāve been waiting for is here! Shib Name Service (SNS) on Shibarium is now live, Donāt wait! Secure your exclusive name at https://t.co/wIWsTbik3Z With SNS, say farewell to those complex addresses like 0xCD4(ā¦) and say hello to friendly names like John.shib.ā¦ pic.twitter.com/zwFXcE9Uju
— Shib (@Shibtoken) October 31, 2023
Shytoshi Kusama, the lead developer of Shiba Inu, hinted in a recent tweet that more updates and improvements are on the way for SHIB holders.
No tricks here, only the first of many treats. ššš #SHIBARMYSTRONGhttps://t.co/Y6glScbuus
— Shytoshi Kusamaā¢ (@ShytoshiKusama) October 31, 2023
Shiba Inu Price Unaffected by SNS Launch
The launch of SNS for Shibarium users didn’t boost Shiba Inu’s price, which actually dropped nearly 2% on Binance. The price chart shows that SHIB finds support around $0.00000770, marked by the 50-day Exponential Moving Average (EMA).
However, SHIB faces resistance at $0.00000833, represented by the 200-day EMA. If the price drops below the 50-day EMA, it might find support at $0.00000746, the upper boundary of the FVG. Once this gap is filled, Shiba Inu is expected to continue its upward trend.
SHIB/USDT one-day price chart on Binance
The correction in SHIB’s price to $0.00000746 is expected to be followed by a change in direction, with Shiba Inu likely to start a rally.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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