- The Shiba Inu ecosystem now has its own decentralized name service.
- SHIB’s price is expected to witness a decline as selling pressure rallies.
In a blog post published on 31 October, Shiba Inu’s [SHIB] lead developer, Shytoshi Kusama, announced the launch of the “Shib Name Service” (SNS) on Shibarium.
— 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,
“No longer will you have to navigate through complex Shibarium addresses. Instead, you can send tokens to your friends and contacts using their unique Shib names. For example, you can send tokens to “bob.shib” instead of a lengthy and confusing wallet address such as 0xCD4C526E9981d690472d1cB85F2ddf08451C4673.”
Kusama added that offering human-readable addresses on the recently launched Shibarium Layer 2 (L2) network will improve the user experience when it comes to transferring tokens between addresses on the network and interactions between the decentralized applications (dApps) housed within the protocol.
Also, SNS forms part of a broader vision called “Shibdentity,” which aims to create a decentralized identity platform for the Shiba Inu community.
With Shibdentity, users can control their digital identities and interact within the Shiba Inu ecosystem more securely and privately.
SHIB’s lackluster reaction
While this marked a significant development within the Shiba Inu ecosystem, the network’s native coin failed to react positively to the news. Exchanging hands at $0.000007662 at press time, the coin’s value declined by 3% in the last 24 hours, data from CoinMarketCap showed.
Readings from the coin’s 12-hour chart showed that while accumulation persisted among spot traders, its momentum was beginning to decline.
At press time, although SHIB’s key momentum indicators rested above their respective neutral lines, they trended downward. This suggested that selling pressure was starting to gain traction.
Further, according to the coin’s Directional Movement Index indicator (DMI), its positive directional index (green) at 18.21 aimed to cross below the negative directional index (red) at 15.91.
This signaled that the bears were gearing up to regain market control from the bulls. Should this happen, SHIB’s value is expected to plunge further.
How much are 1,10,100 SHIBs worth today?
Interestingly, while the coin’s price has begun to show signs of impending decline, traders in the futures market have continued to place bets in favor of a price rally.
According to data from Coinglass, SHIB’s funding rates have remained significantly positive since 19 October.