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Can Shiba Inu’s [SHIB] latest proposal lure in more users

2min Read

With the latest announcement, Shiba Inu might be about to see an increase in transactions on its platform. 

Shiba Inu announces unique domain name service launch

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  • The *shib will be the first for a meme coin.
  • SHIB 24-hour burn rate enters negative.

Following a week of substantial burn rates, the Shiba Inu [SHIB] burn rate appears to have stabilized somewhat. Nevertheless, burn rates could rise in the upcoming months as the network is set to launch its domain name service.

Shiba Inu burn rate simmers down

As of the latest data from Shibburn, the Shiba Inu burn rate over the past 24 hours is currently negative. Specifically, it stands at -61.7% at the time of this writing, resulting in the burn of slightly over 1 million SHIB tokens.

However, over the last seven days, the burn rate has surged to over 4,000%. More than 8.6 billion SHIB tokens were burned in that period.

This current burn rate reflects a decline compared to the previous week, during which billions of tokens were burned within 24 hours. Notably, this trend may change in the upcoming weeks, particularly following an announcement made on 19th December.

Shiba Inu launches *shib

Historically, Ethereum Name Service and Unstoppable Domains have allowed cryptocurrency users to claim domain names ending with extensions like .eth or .crypto.

These links redirected them to crypto wallets rather than traditional websites. However, until now, no crypto-themed domain has been integrated into the traditional Domain Name System (DNS).

In a recent announcement, Shiba Inu disclosed its intention to push boundaries in this domain. Not only does it aim to become the first memecoin with a domain name service, but it also seeks to be the pioneer in linking to traditional websites rather than just crypto wallets. 

To achieve this, Shiba Inu has partnered with D3 Global, a digital infrastructure provider, to enhance the appeal of its application for a top-level domain (TLD).

If the application is successful, the network is poised to experience a surge in traffic. This could potentially lead to increased transactions that would impact the burn rate.

SHIB maintains its trend above the neutral line

Over the past five days, Shiba Inu has exhibited notable price volatility with sharp fluctuations. The daily timeframe chart showed a recent recovery from a more than 3% decrease in value.

At the time of writing, it was trading with an almost 1% increase in price.

Shiba Inu price trend

Source: TradingView


How much are 1,10,100 SHIBs worth today


Despite the recent price decline, Shiba Inu’s bullish trend remains unaffected. The Relative Strength Index (RSI) line, as of the present moment, still registers above 50 but below 60.

This suggests the market is in a relatively positive position, maintaining a bullish momentum but not reaching an overbought condition.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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