- Shiba Inu has partnered with D3 Inc. to introduce the Shib Names service, aiming to improve the user experience within Web3.
- The initiation of SHIB Names marks an important advancement, offering to streamline interactions within the decentralized ecosystem.
Shiba Inu’s collaboration with D3 Inc. has resulted in the launch of the Shib Names service, designed to offer members of the Shiba Inu community a tool to facilitate their foray into the Web3 space.
This service allows users to associate complex cryptocurrency addresses with names that are easier to remember and manage, potentially simplifying transactions and interaction within the blockchain ecosystem.
Shiba Inu’s native coin price recorded a weekly increase of nearly 150%, according to data provided by CoinmarketCap. This increase reflects the market’s reaction to recent developments and launches within the Shiba Inu community, including the Shib naming service .
SHIB has climbed to the 10th spot in the market capitalization rankings, now boasting a market cap of approximately $21.3 billion. This places it just behind Dogecoin, which has a market cap of $24.1 billion.
The discrepancy between the two coins is under $3 billion, a significant shift from the scenario just nine days ago. At that time, Shiba Inu was in the 18th position with a market cap below $6 billion, whereas Dogecoin was comfortably in the 9th spot with a market cap of $12.33 billion.
Despite the recent increase in the value of the native Shiba Inu currency, derivatives data suggests a bearish market trend for SHIB. This bearish sentiment is manifested through investor speculation on the future price action of SHIB, indicating caution or expectations of a decline in its value.
Interpretation of this data can provide insight into market sentiment and near-term performance expectations.
Arthur Hayes, co-founder of BitMEX, has expressed his approval towards the latest Shiba Inu updates, highlighting the potential for “dog money” to influence the future of the internet. Hayes’ mention can be seen as an acknowledgement of the relevance of Shiba Inu and other similarly themed cryptocurrency projects in the broader digital realm.
Partnering with D3 Inc. to develop this service underscores Shiba Inu’s commitment to continuous improvement of the user experience. This development promises to enrich user interaction with the blockchain by providing tools that facilitate navigation and participation in the decentralized ecosystem.
