In the cryptocurrency world, recent developments in meme coin SHIB have attracted attention. There is an important detail in the latest development. Accordingly, Shiba Inu announced the Shib Name Service feature for SHIB token holders on Shibarium. On the other hand, this new feature will replace complex addresses. It will also provide users with user-friendly names that allow them to check their Shiba Inu identity. Shiba Inu price dropped 4% on the day. However, token holders expect an increase in assets after the bullish announcement.
New feature has arrived for SHIB
Shiba Inu introduced the important feature for Shiba Inu owners in its Layer 2 scaling solution Shibarium on October 28. The Meme coin project announced the launch of a Shib Name Service (SNS) feature that allows users to personalize their names and control their identity in Shibarium.
SHIB price has fallen by 4% on a daily basis. Accordingly, the new feature announcement did not cause the price of the meme coin Shiba Inu to recover.
Shib Name Service is live on Shibarium
Shiba Inu themed meme coin Shiba Inu announced the launch of Shib Name Service (SNS) on Shibarium. The service is live for Shibarium users starting Wednesday, November 1. This marks a significant milestone for the Shiba Inu community as it allows secure names instead of complex addresses like 0xCD4(…).
Users will now check their identity using names such as name.shib. They can also control how they interact with the Layer 2 scaling solution. Accordingly, the project also announced a launch celebration and a $5,000 Shiba Inu gift. On the other hand, Shytoshi Kusama, the lead developer of Shiba Inu, gave information about further developments to follow for SHIB owners in his latest tweet.
Shiba Inu price did not react to SNS launch
The launch of SNS for Shibarium users failed to act as a catalyst for the Shiba Inu price. SHIB price fell approximately 4%. As seen in the price chart above, the 50-day Exponential Moving Average (EMA) at $0.00000770 is acting as support for the Shiba Inu.
Shiba Inu price is facing resistance at the 200-day EMA at $0.00000833. Below the 50-day EMA, SHIB price may find support at $0.00000746, the upper limit of FVG. Once the gap is filled, the Shiba Inu is likely to continue its upward trend. When we look at Kriptokoin.com, the correction in the Shiba Inu price towards 0.00000746 dollars is within expectations. Afterwards, it is possible that the trend will reverse and a rally will occur in Shiba Inu. Let’s see how this new development will be reflected in the Shiba Inu token in the coming days.