Shiba Inu Launches Competitor to Ethereum ENS with Discount
Shiba Inu, along with other memecoins like PEPE, Dogecoin, and Solana’s Dogwifhat, experienced significant price rallies in the first week of March. However, as the market cooled off, the Shiba Inu team made an important announcement. They launched SHIB Names, a product that competes with Ethereum name service (ENS) and allows users to acquire universal named labels for wallet addresses. To encourage adoption, the team offered a 69% discount to early joiners.
Speculative Traders Bet on Bullish Impact from SHIB Name Service
While it is too early to determine how well the community will receive SHIB Names or its potential utility and demand for the native SHIB token, speculative traders are betting on an initial bullish impact. Funding rates for SHIB increased following the announcement, indicating that leveraged traders expect a bullish price action. As a result, they are offering higher fees to keep their long contracts open. The steady support above $0.00003 suggests that traders anticipate another price increase in the near future.
Shiba Inu Price Prediction: Bulls Struggling to Maintain $0.0003 Support
Currently priced at $0.000032, Shiba Inu has seen less demand in the last 48 hours compared to other memecoins like BONK and WIF. However, derivatives traders’ reaction to the SHIB Name service launch could change this trend. IntoTheBlock’s global in/out of money chart indicates strong support around the $0.00003 level. If bullish derivatives traders inspire holders to buy more SHIB, the price could rebound towards $0.00005 in the coming days, potentially pushing the market capitalization above $30 billion. However, if a bearish downswing occurs, the next significant support level is at $0.000020.
Hot Take: Will SHIB Continue to Rally?
Shiba Inu’s recent rally has captured the attention of the crypto community. The launch of SHIB Names, a competitor to Ethereum ENS, has the potential to drive further growth for the memecoin. Speculative traders are optimistic about its impact and funding rates suggest a bullish price action. If the reaction to SHIB Names is positive and holders continue to buy more SHIB, we may see another rally in the near future. However, it’s important to monitor market trends and be prepared for potential fluctuations in price.
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