Shiba Inu, one of the most popular meme coins trading within the cryptocurrency realm, recently echoed a sense of frenzy throughout the broader crypto market on Thursday, March 7, as the meme coin’s lead developer spotlighted the much-awaited launch of the Shib name service. Coming as a result of Shiba Inu’s partnership with D3 Inc., a DNS domains company, the Shib name service aims to revolutionize Shiba Inu’s community members’ venture into Web3, propelling optimism for the meme coin.
Meanwhile, according to CoinmarketCap’s data, Shiba Inu’s native coin traded with a nearly 150% weekly surge of press time, mirroring the optimism engendered by the community’s recent advancements, including the launch of the Shib name service. However, derivatives data hinted at a bearish sentiment for SHIB in the market as of press time, stirring speculations over Shiba Inu’s price action ahead.
Shytoshi Kusama Spotlights Shib Name Service
Shytoshi Kusama, Shiba Inu’s lead developer, recently took to a post on X, drawing attention to the byproduct of the merger with D3 Inc., the .SHIB name service. According to the post shared today, March 7, the Shib name service is all set to witness sales, with phenomenal discounts in its early stages, Kusama posted with a tint of sarcasm.
Who doesn’t love 69…
% off a new Shib Name! https://t.co/xzl87I9c03 to purchase.
Remember maybe with your help *Shib is the next .com! Use my coupon code below as we take over the internet! pic.twitter.com/iyXUGpkwsz
— Shytoshi Kusama™ (@ShytoshiKusama) March 6, 2024
This promptly sparked traders’ and investors’ curiosity globally, coming as Shiba Inu’s effort to revolutionize its cryptographic venture further. The positioning of the .SHIB name service as one’s passport to the decentralized world further mirrored optimism orbiting Shiba Inu’s recent developmental ventures, as also seen by SHIB’s price action over the past few days.
Meanwhile, another imminent launch of an LSD (Liquid Staking Derivatives) token, KNINE, looms today. A byproduct of the strategic merger with K9 Finance, the looming launch of this token further adds to the optimism orbiting SHIB.
However, the meme coin traded in the red as of writing, following a substantial upward movement illustrated today, spawning speculations over the development’s potential impact on SHIB’s market dynamics.
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Shiba Inu Price Drops
While writing, the Shiba Inu price noted a drop of 4.18% over the past 24 hours and is currently trading at $0.00003105. Intriguingly, the token traded primarily in the green today, per CoinMarketCap’s data. However, SHIB suddenly recorded a dip, aligning with the meme coin’s derivatives data.
Insights unveiled by Coinglass showcased a substantial 26.53% dip in the coin’s open interest, whereas its volume jotted a fall of 54.88%. This hinted at reduced money entering into the market and also hinted at declining market activity for SHIB, birthing bearish sentiments. Even the drop in OI-weighted funding rate, which slipped to 0.0637%, added to this bearishness.
However, as seen in SHIB’s recent chronicles, Shiba Inu rallied remarkably following the developments portrayed by the Shiba crypto community in recent days. Setting sights on these previous price action shifts, crypto market enthusiasts expect to see bolstered prices for the meme coin ahead, aligning with the SHIB’s prior endeavors.
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