Shiba Inu (SHIB) Price Analysis: SHIB Unmoved Despite Shib Name Service Launch On Shibarium

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Shiba Inu has announced the launch of the Shib name service, which will replace complex addresses and introduce user-friendly names, allowing users to control their SHIB identity better. 

The service marks a significant step towards Shiba Inu’s decentralized identity platform, Shibdentity, which will help users own and control their digital identities. 

Shiba Inu Teases Key Feature 

In a significant development, Shiba Inu teased a key feature for SHIB token holders on its layer-2 scaling solution, Shibarium, on the 28th of October. The newly-announced Shib Name Service (SNS) feature will allow users to personalize their names and control their identity on Shibarium. The service went live for Shibarium users and will enable users to access secure names rather than complicated addresses such as 0xCD4(…). According to a blog post published by Shiba Inu, 

“The moment has arrived, marking a milestone in our journey. With bated breath and anticipation, we proudly launch our ambitious venture, Shib Name Service, on Shibarium. It is our first step towards building Shibdentity, a decentralized identity platform that empowers users to own and control their digital identities.”

This means users can sport simpler yet secure names such as name.shib or noname.shib, giving them better control of their identity and how they interact with the layer-2 scaling solution. Additionally, the project has also announced a launch celebration, along with a $5000 SHIB giveaway. 

“The moment you’ve been waiting for is here! Shib Name Service (SNS) on Shibarium is now live. Don’t wait! Secure your exclusive name at http://name.shib.io. With SNS, say farewell to those complex addresses like 0xCD4(…) and say hello to friendly names like John.shib. Take control of your Shib identity. Celebrate the launch with us and enter the $5,000 Shib Giveaway!”

Advantages Of The Shib Name Service

According to the blog post published by Shiba Inu, the Shib Name Service gives users several advantages, such as human-readable addresses converting complex addresses into simple names. The Shiba Name Service also ensures there is no central control since it operates on the Shibarium blockchain. According to the post, SNS’s decentralized nature aligns with Shiba Inu’s vision of empowering users and removing dependency on third parties. 

SNS can also be used with other cryptocurrencies and decentralized websites. Such flexibility opens up new possibilities and innovations within the blockchain space. Additionally, because it is built on the Shibarium platform, it has robust security features. SNS also reduces the risk of errors with human-readable addresses and is designed to work seamlessly with other apps and services within the Shibarium ecosystem. SNS also registers names on a decentralized platform, ensuring they are censorship-resistant and immune to takedowns. 

A Paradigm Shift 

According to the team at Shiba Inu, Shibdentity is a paradigm shift in the world of decentralized identity solutions. Shibdentity promises to empower individuals by putting them in control of their digital identities. It does this by providing self-custodial authentication, decentralized, verifiable credentials, smart wallets, and adherence to W3C standards for self-sovereign identity. 

The introduction of Shibarium and SNS has added several use cases to the larger Shiba Inu ecosystem. The news has also caught the eye of several traders across the globe, with many looking at Shiba Inu price predictions and reassessing their portfolios. With that said, let’s do a quick price analysis for the SHIB token. 

SHIB Token Price Action 

Despite the hype around the Shib Name Service and its launch, it failed to act as a catalyst for the price of the SHIB token. In fact, the SHIB token price registered a drop of 2% on the day of the announcement, as reflected in the chart below. SHIB has found support at $0.00000746, where the 50-day EMA (Exponential Moving Average) is acting as support. The price faces considerable resistance at the 200-day EMA, which is currently at $0.00000833. 

However, If SHIB drops below the 50-day EMA, the price could find support at around $0.00000746, which is the upper boundary of the FVG (Fair Value Gap). Once this gap is filled, SHIB is likely to resume its uptrend. As a result, the price correction to $0.00000746 could be followed by a rally. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.