In a surprising turn of events, Shiba Inu (SHIB) has defied bearish market sentiments, making an impressive 5.5% leap in the past 24 hours and reaching $0.000008898. This noteworthy upswing marks Shiba Inu’s first substantial growth in over a week, hinting at potential highs in the short term.
While the Shiba Inu community is abuzz with excitement over the prospect of reducing one more zero from the token’s value, on-chain research reveals that Shiba Inu has not fully regained its momentum. The daily trading volume has dipped by over 33%, settling at $103,074,070. Nonetheless, the prevailing positive sentiment in the market suggests a possible increase in capital flowing into SHIB.
Let’s see what’s behind this bullish outlook; read on.
Introducing “Shibdentity”
Amidst these market dynamics, Shiba Inu has unveiled plans to launch a groundbreaking digital identity system named Shibdentity in 2024, as disclosed in a recent X post by the Shiba Inu team. Beyond improved market conditions, Shibdentity seeks to revolutionize digital identity in the Web3 era, moving beyond conventional wallet addresses.
Developed in collaboration with D3Inc, Shibdentity introduces a secure and unified system for users to establish and maintain their digital presence, featuring a unique identifier known as a “SHIB Name.” This innovative approach aims to simplify token transactions, making them as straightforward as sending an email. Additionally, it strives to seamlessly integrate SHIB Names into the internet, providing users with a distinctive and recognizable identity in the Web3 space.
Also Read: Dogecoin And Shiba Inu Meet Buying Demand By Triggering Rebound! Are Meme Coins Gaining Momentum?
Shytoshi Kusama’s 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.
