SHIB Name Service Update Boosted Price by 51%

Shiba Inu price jumps by 51% following SHIB name service update

With a 51% price gain in the past day, Shiba Inu is among the top-performing meme coins in the ecosystem of digital assets. This rise, which has boosted the asset's price to US$0.00003426, is fueled by the project's teased SHIB Name Service upgrade.

SHIB Name Service

Last year, Shiba Inu engineers created a protocol known as Shib Name Service.

This service enables any SHIB holder to have their Shiba Inu personalized. Users may now customize their Web 3.0 identity by adding data such as locations, gamertags, numerals, and more For the Shiba Inu protocol, it was a major turning point, especially in terms of enhancing user experience in the decentralized market. One of the purposes of the SNS was to assist users in navigating the obstacles of dealing with long and complex wallet addresses.

It began with a goal to integrate Self Sovereign identification (SSI), a blockchain-based digital identification system, with all Shiba Inu initiatives. Later, it was revealed that on Wednesday, November 1, 2024, the first step towards revealing the distinct SHIB identity will be unveiled.

When SNS initially appeared, there was a tremendous price increase, causing SHIB to reach new heights. It's been about six months since this service was initially announced, and SHIB's current prognosis is bright, with the company maintaining its profit from the previous year.

SHIB traded at US$0.0000344 at press time, up more than 51% in the past 24 hours.

The Expectations of the Upcoming SNS

Shytoshi Kusama, Shiba Inu's pseudonymous creator, detailed the signup process for the SNS site earlier this year. Registering with other early birds provides exclusive access to possibilities inside the expanding Web3 ecosystem.

The SNS's primary features include streamlined transactions, multichain compatibility, user-customized identities, metaverse integration, and early access opportunities. It also features multichain interoperability, allowing users to transact easily across different blockchain networks.

According to the latest update, the 1.1 version of the Shiba Name Service is now ready to be airdropped to community members. The snapshot to identify the respective SHIB Names will be taken, and the Shiba Inu token warned the community to be wary of scammers who may attempt to take advantage of this effort.