SHIB Tokens: A Creative Moniker for Cryptocurrency
Shiba Inu, a popular memecoin, experienced a significant price surge, reaching a peak of $0.000045 on March 5. However, it later faced a 30% pullback. In an effort to sustain the rally, the SHIB team has launched a new product that competes with Ethereum’s ENS.
During the first week of March, there has been a frenzy surrounding memecoins like Shiba Inu, PEPE, Dogecoin, and Solana’s Dogwifhat. These coins have seen triple-digit rallies. As the rally began to calm down, the SHIB team announced a crucial product launch.
Will this launch help SHIB surpass a market capitalization of $30 billion in the coming weeks?
Shiba Inu has introduced SHIB Names, an alternative to Ethereum’s name service (ENS). This service allows users to acquire universal labeled addresses and create unique identities for easier navigation in the world of decentralized finance (defi). To encourage adoption, the team is offering a 69% discount to early users.
It is still uncertain how the community will respond to this product and the level of utility and demand it will generate for the SHIB token. However, early reactions in the derivative markets suggest that speculative traders are betting on a bullish impact.
Santiment’s funding rates metric, which measures the fees paid between holders of perpetual futures contracts, indicates that there is a positive sentiment among leveraged traders. This suggests that traders are confident in a bullish price action following the launch of SHIB Names.
As a result, SHIB has maintained steady support above $0.00003 since March 6, as traders anticipate further price increases.
Currently, Shiba Inu is trading at $0.000032, with less demand compared to other memecoins like BONK and WIF. However, the reaction of derivative traders to the SHIB Names launch could change the situation.
In addition, IntoTheBlock’s global in/out of money chart shows strong support for SHIB around the $0.00003 level. If bullish derivatives traders inspire holders to make further purchases, the price may rebound to $0.00005 in the coming days, potentially pushing Shiba Inu’s market capitalization beyond $30 billion. However, if there is a larger-than-expected bearish downswing, the next significant support level would be at $0.000020.
Overall, Shiba Inu’s recent product launch and the reaction of traders will determine its future price trajectory.
