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Friday, April 19, 2024

Major Shiba Inu (SHIB) Announcement: Could This be a Catalyst for a SHIB Bull Run?

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TL;DR

  1. Shiba Inu Partners with D3: Shiba Inu, the second-largest memecoin by market capitalization, has partnered with Web3 company D3 to secure the .shib top-level domain, aiming to become one of the first decentralized ecosystems to launch such a feature through the Internet Corporation for Assigned Names and Numbers.
  2. Aim of the Partnership: The collaboration is focused on enhancing the recognizability of Shiba Inu within the mainstream Internet by creating a unique top-level domain. This move aligns with the trend of using human-readable names in the crypto space, like those offered by Ethereum Name Service, to represent wallet addresses and reduce errors.
  3. Market Reaction to the Announcement: Despite the significant partnership announcement, Shiba Inu’s price has not seen a corresponding increase, recording a 3% decrease in the past 24 hours but a 10% rise on a weekly basis, according to CoinGecko.

The second-largest memecoin by market capitalization – Shiba Inu – managed to make the headlines again and capture crypto participants’ attention. This time, the news is not related to the token’s price but to a partnership the project inked with the Web3 company D3.

Specifically, Shiba Inu teamed up with the entityin a bid to secure the .shib top-level domain. Thus, the memecoin project became one of the first decentralized ecosystems to collaborate with D3 in launching such a feature through the Internet Corporation for Assigned Names and Numbers.

Organizations, including Ethereum Name Service, already allow crypto users the ability to create human-readable names representing addresses on the Ethereum blockchain. Innovations of that type improve the recognizability of one’s wallet and help to prevent certain errors.

Shiba Inu now seeks to dive deeper and become the first crypto domain to spread throughout the mainstream Internet. The partnership with D3 aims to make the SHIB application for a top-level domain as intriguing as possible.

The collaboration comes less than a week after Shytoshi Kusama (the anonymous lead developer of Shiba Inu) and LUCIE (Shibarium’s Marketing Strategist) hinted about a “very big announcement” and a year-ending surprise for the XRP army.

Despite the big news, SHIB’s price has failed to head north, being 3% down in the past 24 hours (per CoinGecko’s data). On the other hand, the asset has soared over 10% on a weekly basis.

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