Shytoshi Kusama, the main developer behind Shiba Inu, has shared information about the launch of the meme coin’s .Shib name service, which has piqued interest.
Shiba Inu’s lead developer highlights the official launch of the .shib name service, drawing attention. This launch, along with the upcoming KNINE launch, has intrigued participants in the crypto market. Despite recent developments, Shiba Inu traded in the red at the time of writing, surprising the community.
Shiba Inu Sparks Crypto Frenzy with Shib Name Service Launch
Shiba Inu, a widely popular meme coin in the cryptocurrency realm, stirred excitement throughout the broader crypto market on Thursday, March 7. The meme coin’s lead developer highlighted the long-awaited launch of the Shib name service, marking a significant milestone for the Shiba Inu community. This service, resulting from a partnership with D3 Inc., aims to revolutionize community members’ journey into Web3, sparking optimism for the meme coin’s future.
According to CoinmarketCap’s data, Shiba Inu’s native coin experienced a nearly 150% surge in trading volume over the week, reflecting the positive sentiment generated by recent community advancements, including the Shib name service launch. However, derivatives data suggested a bearish sentiment for SHIB in the market at the time, leading to speculation about Shiba Inu’s future price action.
Shiba Inu’s Lead Developer Spotlights .SHIB Name Service Launch
Shytoshi Kusama, the lead developer of Shiba Inu, recently highlighted the launch of the .SHIB name service in a post on X, grabbing attention. The post, shared on March 7, announced the upcoming sales of the Shib name service, offering significant discounts in its initial stages, accompanied by Kusama’s sarcastic tone.
Global Interest Sparked: Kusama’s announcement promptly sparked curiosity among traders and investors worldwide, as Shiba Inu aims to further revolutionize its cryptographic venture. The .SHIB name service is positioned as a gateway to the decentralized world, reflecting optimism surrounding Shiba Inu’s recent developmental endeavors, as evidenced by SHIB’s recent price movements.
Anticipation for KNINE Launch: Adding to the optimism surrounding SHIB, the imminent launch of the LSD (Liquid Staking Derivatives) token KNINE, resulting from a strategic merger with K9 Finance, is anticipated today. This launch further contributes to the positive sentiment surrounding Shiba Inu.
Market Response and Speculation: Despite the positive developments, Shiba Inu traded in the red at the time of writing, following a significant upward movement earlier in the day. This has led to speculation about the potential impact of these developments on SHIB’s market dynamics.
Shiba Inu Faces Price Dip Despite Overall Green Trend
While writing, Shiba Inu experienced a 4.18% drop in price over the past 24 hours, currently trading at $0.00003105. Despite primarily trading in the green today according to CoinMarketCap’s data, SHIB suddenly recorded a dip, reflecting its derivatives data.
Insights from Coinglass revealed a significant 26.53% decrease in SHIB’s open interest and a 54.88% drop in volume. This suggests reduced money flowing into the market and declining market activity for SHIB, fostering bearish sentiments. Additionally, the drop in OI-weighted funding rate to 0.0637% contributes to this bearishness.
Despite the recent dip, Shiba Inu has demonstrated remarkable rallies following developments within the Shiba crypto community. Considering these previous price shifts, crypto enthusiasts anticipate strengthened prices for the meme coin ahead, aligning with SHIB’s historical trends.
Important: 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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