SHIB Name Service Update Triggers 51% Price Surge in Shiba Inu as Airdrop Nears

• Shiba Inu’s Shib Names project launches today, coinciding with a 51% surge in SHIB price.

• Early Access offers a 69% discount on the first 20 Shib Names, with pricing based on factors like string type and demand.

The Shiba Inu ecosystem is about to reveal its much-awaited Shib Names initiative today, March 5, at 1:00 PM UTC, according to a blog report by D3. This launch’s strategic alignment with the recent spike in Shiba Inu’s (SHIB) price has sparked conjecture on possible connections between the two occurrences. 

Shiba Inu and D3 are working together to develop the application for the top-level domain.shib. Individuals or organizations with credit cards or cryptocurrency wallets can purchase SHIB Name Tokens. Names are priced according to many criteria, including perceived demand, length, and kind of string. In honor of the most recent pump, the Shib team is giving Early Access Users a 69% discount. This discount, good for the first 69 hours following launch, is available to users who join up in advance on their first purchase of up to 20 Shib Names.

Utility of Shib Name Tokens

Shib Names Tokens will serve various purposes within the digital ecosystem. They will function as multichain wallet addresses across various blockchains, cross-platform Web3 usernames for DeFi, SocialFi, and GameFi platforms, identifiers for smart contracts, nodes, and other decentralized infrastructure, and addresses for accessing decentralized websites and dApps.

Users can use the D3 Marketplace to purchase, sell, or make offers on Shib Names that are already in use shortly after Early Access ends. Existing Shib Names users will be able to claim their upgraded D3 Shib Names as a result of the integration of SNS and D3. Through its application for the actual.shib top-level domain, Shiba Inu, hopes to become recognized as one of the first Web3 networks with its own DNS namespace.  

Expectations for the Upcoming Shib Name Service (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. Simpler transactions, compatibility with many chains, user-customized identities, metaverse integration, and early access chances are some of the main aspects of the SNS.

According to the latest update, the 1.1 version of the SNS 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.

Market Performance and Speculation

Although there has been a lot of speculation lately about SHIB’s relation to the launch of Shib Names, concrete connections are still unproven. It is possible that the increased excitement for the launch, along with the possible use, thus it has caused this increase. 

Notably, SHIB has increased by around 51% in the last day, generating a lot of excitement among enthusiasts and investors alike. In addition to market pressures and general crypto trends, other possible contributing causes include the anticipation around the debut and the potential value of Shib Names. The asset’s price has surged to $0.00003921, driven by the project’s much-anticipated update.