Shiba Inu announces ‘SHIB Names’ product launch after 385% price rally

Shiba Inu price peaked at $0.000045 on Mar. 5 before succumbing to a 30% pullback: the SHIB team has moved to consolidate the rally with its latest Ethereum ENS competitor product launch. 

A widespread memecoin mania has seen Shiba Inu (SHIB) and the likes of PEPE, Dogecoin (DOGE) and Solana’s Dogwifhat (WIF) register triple-digit rallies in the first week of March. However, as the rally cooled off this week, the SHIB team has announced a critical product launch.

Can this drive SHIB market capitalization above the $30 billion mark in the weeks ahead?  

Shiba Inu launches Ethereum ENS competitor with 69% discount 

Shiba Inu delivered a blistering 385% price rally within a dramatic 10-day period of memecoin frenzy between Feb. 25 and Mar. 5. As the memecoin markets began to retrace, the SHIB team announced a critical product launch which could prop up SHIB prices if well-received by the community.

Shiba Inu (SHIB) price action, Feb. 25 to March. 7, 2024 | Source: TradingView

On Mar. 6, the Shiba Inu team officially launched SHIB Names, its answer to Ethereum name service (ENS), which allows users to acquire universal named labels to wallet addresses, and create unique identities for easier navigation across defi protocols.

To drive global adoption of the SHIB Names service product, the team has offered a 69% discount to early joiners. 

Speculative traders are betting on initial bullish impact from SHIB name service

It’s still too early to tell how well the community will receive the product or how much utility and demand it could generate for the native SHIB token. 

However, early reactions observed in the Shiba Inu derivative markets suggest that speculative traders are betting big on an initial bullish impact. 

Santiment’s funding rates metric, presents a daily aggregate of the fees paid between holders of perpetual futures contracts for a specific crypto asset. Funding rate swings offer crucial insights into broader market expectations regarding short-term price movements. 

Following the Mar. 6 announcement, SHIB witnessed a noticeable spike in funding rates as it reached 0.07%, after 3 days in decline. 

Shiba Inu (SHIB) Price vs. Funding Rate
Shiba Inu (SHIB) Price vs. Funding Rate | Source: Santiment

Elevated levels of positive funding rates suggest that the majority of leveraged traders are confident of an imminent bullish price action and as result, are offering higher fees to keep their long contracts open. 

The timing suggests that traders are speculating on a bullish price reaction to the latest SHIB Names service launch. 

Unsurprisingly, SHIB price has successfully maintained steady support above the $0.00003 area since March 6 as the bulls consolidate on their positions in anticipation of another leg-up in the near-term. 

Shiba Inu price prediction: Bulls battling to hold critical $0.3 Support

Shiba Inu price is trending at $0.000032, at press time on Mar. 6, having attracted significantly less demand in the last 48 hours compared to the likes of BONK and WIF. However, derivatives traders’ reaction to the SHIB Name service launch could turn the tide.  

In further affirmation of this stance, IntoTheBlock’s global in/out of money chart shows that the bull can count on a relatively strong support buy-wall around the $0.00003 territory.

Shiba Inu (SHIB) Price Prediction, March 2024 | Source: IntoTheBlock
Shiba Inu (SHIB) Price Prediction, March 2024 | Source: IntoTheBlock

As depicted above, 155,540 addresses had acquired 40.5 trillion SHIB at the average price of $0.00003. If those holders take a cue for the bullish derivatives traders, SHIB price will likely enter a rebound phase toward $0.00005 in the coming days, which could send the Shiba Inu market capitalization above the coveted $30 billion valuation.

But, in the event of a larger-than-expected bearish downswing, the next significant support buy-wall could be at $0.000020.

Source link

About The Author

Scroll to Top