Shiba Inu (SHIB) Breaks Bearish Zone
Shiba Inu (SHIB) has surprisingly wriggled out of the bearish zone after its price jumped as high as 5.5% in the past 24 hours to $0.000008898. With this growth, Shiba Inu is printing its first major growth in more than a week, underscoring the possibility of the price soaring to a new high in the short term.
Latest Movement and On-chain Research
Despite this positive movement, the Shiba Inu community is buzzing about the potential of reducing the token’s value by eliminating one more zero. However, the latest on-chain research shows that Shiba Inu has not fully recovered its momentum. This is shown by the fact that daily trading volume has dropped more than 33% to $103,074,070. On the other hand, the generally positive mood in the market is seen as a good thing that could bring more capital inflow to SHIB.
Shiba Inu’s 2024 Vision: “Shibdentity” Introduction
In addition to the improved market conditions, Shiba Inu plans to introduce a new digital identity system called Shibdentity in 2024, as revealed by the Shiba Inu team in a recent X post. They express the need to move beyond wallet addresses as the primary identity in Web3. Developed in collaboration with D3Inc, Shibdentity aims to provide a secure and unified way for users to establish and maintain their digital presence, introducing a unique identifier known as a “SHIB Name.”
Shibdentity and Token Transactions
The basic goal is to make the token transactions as simple as emailing using this unique SHIB Name. It will also make Shibdentity seamlessly integrate SHIB Names into the internet, giving users a distinct and recognizable identity in the Web3 space, similar to a username on X.
Preparation and Future of Shibdentity
The developers are also keen on the importance of futureproofing users’ identities, stating that Shibdentity will adapt to maintain relevance and security as technology evolves. For the team, this new feature in Shiba Inu is not merely adapting to the future but actively shaping it.
Shiba Inu’s 2024 Vision
In an earlier statement, SHIB leader Shytoshi Kusama talked about the functionalities of Shibdentity, focussing on the ability for users to utilize a .shib domain for hosting websites, sending emails, conducting transactions with SHIB and other assets, and verifying their identity on Web3. While an exact launch date for the Shibdentity project is unknown, the team remains focused on advancing the ecosystem and preparing users for the revolutionized digital identity.
Hot Take
Shiba Inu seems to be breaking out of the bearish slump, showing positive signs of growth and preparing to introduce a new digital identity system called Shibdentity, which could revolutionize how users interact with the token in the Web3 space.
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