Shiba Inu (SHIB), the world’s second-largest meme coin by market capitalization and the native token of the Shiba Inu web3 ecosystem, is holding comfortably above its 21-Day Moving Average and the $0.000010 level on Thursday, though has backed off substantially from last week’s highs in the $0.000012 region.
Despite the near-15% pullback, SHIB’s trend remains bullish amid positive newsflow regarding moves being made by development leaders of the Shiba Inu ecosystem.
As per various reports in the crypto press, Shiba Inu has partnered with web3 domain name specialist company D3 to apply for an obtain the “.shib” top-level domain (TLD).
We’re partnering with @ShibToken to apply for and obtain the .shib Top-Level Domain (TLD)
Learn more here https://t.co/ZBWtO4ubtA pic.twitter.com/zO3rZPavWi
— D3 (@D3inc) December 19, 2023
If the Shiba Inu ecosystem is able to secure the .shib TLD, this could help its web3 ecosystem bridge the gap to traditional internet infrastructure.
“Our partnership with D3 allows us to scale outside of the existing #ShibArmy and give over 5 billion internet users direct access to the SHIB ecosystem”, Shiba Inu’s pseudonymous lead developer Shytoshi Kasuma commented.
“Bringing real domains to SHIB is a big deal, expanding our vision for digital identities within our decentralized ecosystem while driving long-term revenue generation within the ecosystem”.
Shiba Inu and D3 need to wait until the next window for TLD applications opens in 2026.
The partnership between the firms comes as part of Shiba Inu’s broader push to develop a decentralized identity within its ecosystem.
Shiba Inu announced its very own Shiba Name Service (SNS), a non-custodial crypto wallet and Self-Sovereign Identity (SSI) this year.
Is Shiba Inu Adoption Rising?
Shiba Inu launched its very own Ethereum layer-2 scaling blockchain called Shibarium earlier in the year as a home for its web3 ecosystem, aiming to propel the adoption of the SHIB token by embedding it with more utility.
And while the blockchain saw a slow start to life, the last few weeks has seen on-chain activity burst higher, suggesting adoption is on the rise.
Since early December, the number of on-chain transactions being recorded has jumped to around 6-8 million per day, up from under 20,000 prior to November 28th, as per Shibarium scan.
The transaction spike comes amid a jump in active accounts, new accounts and various other on-chain metrics, and is a sign of growing interest in the blockchain.
As Shiba Inu developers work hard to improve ecosystem user experience and the broader crypto bull market matures, its likely that the network will continue to attract new users.
Price Prediction – Where Next for SHIB?
Shiba Inu (SHIB)’s trend remains bullish with a sustained break to the north of summer 2023 highs in the $0.0000114 area growing increasingly likely.
That would open the door to a rally back towards the long-term support-turned-resistance zone around $0.000017-18.
It’s worth noting that was SHIB falls below its 21DMA, last at $0.0000098, a downwards move back to the 200DMA in the $0.000008 area would be on the cards.
Crypto Alternatives to Consider
SHIB offers huge potential returns but also come with a lot of risk.
For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content, and receive commission.
The post Shiba Inu Price Prediction as ‘.shib’ Internet Domains Development Continues – Adoption on the Rise? appeared first on Cryptonews.
