Shiba Inu to Get Own Domain Name, but Token Price Is Unmoved

Developers of the Shiba Inu (SHIB) meme token have partnered with infrastructure provider D3 Global to register a top-level domain name, ".shib". This will allow SHIB holders to create email addresses with the ".shib" extension and use "named tokens", which replace the classic alphanumeric wallet address with a chosen nickname with the corresponding prefix, similar to Ethereum Name Service (ENS).

D3 focuses on next-generation network addresses that facilitate interaction between Web 2.0 and Web3. According to the company's website, current Web3 domain names like ".crypto" and ".eth" do not work with traditional tools, including web browsers and email, as they do not support DNS protocols. Traditional domains do not support the features of the next generation of the internet either.

In the near future, D3 will submit an application to ICANN, a non-profit organization that creates and enforces policy regarding online identifiers. If approved, the initiative will allow Shiba Inu to expand its decentralized ecosystem and create new opportunities for long-term income.

However, despite this major event, the price of SHIB is not reacting to it. Over the past month, the token has grown by just 18%, to $0.0000102. This is significantly less than the growth of other altcoins, such as Solana (+500%) and Avalanche (+200%).

As of the time of writing, SHIB's market capitalization is $6 billion with a daily trading volume of $183 million.

In recent days, researchers have been tracking an increase in whale interest in SHIB. According to WhaleAlert, on December 18, an unknown entity moved 579 billion SHIB worth about $5.88 million. On the same day, Tron co-founder Justin Sun transferred nearly 500 billion SHIB (~$5.13 billion at the time) from Binance to his own wallet.

SHIB's stability is also influenced by the pace of its burning to maintain the project's deflationary model. Since the initiative began, a total of about 410 trillion SHIB (about 41% of the total supply) have been destroyed.

L2 solutions tokens for Shibarium, BONE and LEASH, are also not showing impressive results. The first has declined by 7% in the year-to-date, while the second has increased by 3.7%.

It is worth recalling that in August, during the launch of the mainnet of the second-level network, a failure occurred, as a result of which transactions were stuck in the waiting state. SHIB responded with a 6% drop. After a fortnight and a half after the incident, developers fixed the malfunction and restarted Shibarium.

Author: Denis Tabyrtsa

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