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Shiba Inu Launches Shib Name Service

Shiba Inu, a popular meme coin in the cryptocurrency market, recently made headlines with the launch of its Shib name service. Developed in partnership with D3 Inc., a DNS domains company, the Shib name service aims to revolutionize Shiba Inu’s community members’ venture into Web3 and bring optimism to the meme coin.

Shytoshi Kusama Highlights the Shib Name Service

Shytoshi Kusama, the lead developer of Shiba Inu, drew attention to the Shib name service in a recent post. Kusama sarcastically mentioned that the service is all set to witness sales with phenomenal discounts in its early stages.

The announcement sparked curiosity among traders and investors globally, as it represents Shiba Inu’s efforts to further revolutionize its cryptographic venture. The .SHIB name service is positioned as a passport to the decentralized world, adding to the optimism surrounding Shiba Inu’s recent developmental ventures.

Shiba Inu Price Drops

However, despite these positive developments, the price of Shiba Inu experienced a drop of 4.18% over the past 24 hours and is currently trading at $0.00003105. While the token initially traded in the green today, it suddenly recorded a dip aligning with its derivatives data.

Data from Coinglass revealed a significant 26.53% decrease in Shiba Inu’s open interest and a 54.88% decline in volume. These figures indicate reduced money entering the market and declining market activity for SHIB, signaling bearish sentiments.

Expectations for Shiba Inu’s Future

Despite the recent price drop, previous price action shifts have shown that Shiba Inu has rallied remarkably following positive developments in the Shiba crypto community. Crypto market enthusiasts anticipate that these endeavors will lead to bolstered prices for the meme coin in the future.

Hot Take: What Lies Ahead for Shiba Inu?

Shiba Inu’s Shib name service launch has created excitement and optimism within the cryptocurrency market. However, the recent price drop raises questions about the coin’s future trajectory. Here’s a breakdown of what lies ahead for Shiba Inu:

The Impact of Shib Name Service

The Shib name service aims to revolutionize Shiba Inu’s community members’ venture into Web3.
It positions itself as a passport to the decentralized world, bringing optimism to Shiba Inu’s recent developmental ventures.
However, it remains to be seen how this service will impact SHIB’s price action in the long run.

Bearish Sentiments Surrounding SHIB

Derivatives data and market activity indicate bearish sentiments for Shiba Inu.
A 26.53% decrease in open interest and a 54.88% decline in volume suggest reduced money entering the market and declining market activity for SHIB.
The drop in OI-weighted funding rate adds to the bearishness surrounding the meme coin.

Past Price Action Shifts

Previous positive developments in the Shiba crypto community have led to significant rallies for Shiba Inu.
This history of price action shifts gives hope to crypto market enthusiasts who expect bolstered prices for SHIB in the future.

In conclusion, while Shiba Inu’s Shib name service launch brings optimism to the meme coin, the recent price drop and bearish sentiments in the market raise questions about its future performance. Crypto market enthusiasts will closely monitor Shiba Inu’s price action and developments in the coming days to gauge its trajectory.