Shytoshi Kusama Unleashes .SHIB Domain: Web3 Interoperability Revolution – Crypto News Flash

Shytoshi Kusama Unleashes .SHIB Domain: Web3 Interoperability Revolution

Bhushan AkolkarBy No CommentsJohn Kiguru edited by John Kiguru
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  • The Shiba Inu community is actively working on curating a “network state” to revolutionize support for both Web2 and Web3 collectively.
  • Shiba Inu’s community, in collaboration with D3 Inc, is venturing into internet domains by applying for a “.SHIB” Top-Level Domain (TLD).

Shytoshi Kusama, the lead developer of Shiba Inu, injected a wave of optimism into the broader cryptocurrency market on Wednesday by unveiling substantial development plans for the meme coin. The project’s crypto community is at the forefront of these initiatives, as revealed in Kusama’s latest post on the social media platform X.

In the announcement, Kusama outlined the community’s efforts to curate a “network state” with the aim of revolutionizing support for both Web2 and Web3 collectively. This ambitious undertaking signals a strategic move to enhance the functionality and influence of Shiba Inu within the rapidly evolving landscape of decentralized technologies.

The impact of this revelation was reflected in the SHIB token’s immediate market response, witnessing a notable price jump. However, as of the latest update, the SHIB price experienced a brief dip, prompting additional speculations and discussions within the meme coin community.

Shiba Inu Community Ventures Into Internet Domains

In a recent announcement by Shytoshi Kusama, the lead developer of Shiba Inu, the Shiba crypto community is embarking on a groundbreaking initiative in collaboration with D3 Inc, a domain company. The community aims to make its mark on the internet by applying for a “.SHIB” Top-Level Domain (TLD), a move that seeks to infiltrate the widely embraced Web2 infrastructure, capitalizing on Shiba Inu’s global popularity.

Kusama emphasized the substantial increase in internet users over the past year, drawing parallels with the overall user growth in the crypto market. This development has fueled the SHIB community’s ambition to establish a domain that seamlessly integrates with essential internet tools such as web browsers and emails, generating significant optimism for the SHIB token. Simultaneously, the Shiba crypto community is enhancing the SHIB tokenomics through its pioneering venture into domain building.

The lead developer highlighted the prevalent use of domains by users navigating both Web2 and Web3 realms. The introduction of a potential “.SHIB” domain has stirred considerable interest within relevant industries.

Once the project comes to fruition, users will have diverse applications for the .SHIB domain, including hosting websites, blogs, online stores, and managing emails. Notably, existing Web3 names like .crypto and .eth operate independently from Web2 internet tools, lacking integration with the Domain Name System (DNS). However, the imminent introduction of the .SHIB domain positions the Shiba community as a trailblazer, aiming to be the first ecosystem to bridge Web2 and Web3 interoperability through DNS.

SHIB Inu Burn Rate and Whale Accumulation

Shibburn’s recent data disclosure reveals a remarkable 27,510% surge in the burn rate within the Shiba Inu crypto community over the past 24 hours. A staggering 9.35 billion SHIB tokens were incinerated as of Wednesday, January 10.

This surge contributes to the ongoing burn trend, with a total of 410.70 trillion tokens burnt from the token’s initial supply, sparking heightened interest and speculation among crypto market participants. Additionally, the weekly burn rate surged by an impressive 2,278.29% at the time of reporting, underscoring the magnitude of the ongoing burn activity.

Simultaneously, global crypto market attention has been drawn to a substantial whale accumulation within the Shiba Inu ecosystem. On-chain insights provided by Lookonchain highlight the registration of a significant whale, accumulating a substantial 1.44 trillion SHIB tokens sourced from Binance and Gate.

The address 0xF633Cd…3493Bbac executed a series of five transactions, accumulating the aforementioned token quantity.

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This article is for informational purposes only and does not constitute investment advice. Read full disclaimer

Bhushan Akolkar

Bhushan Akolkar

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Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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