Shiba Inu Lead Dev Hints At Major Progress As SHIB Holds Key Support
January 10 2024 - 5:00AM
NEWSBTC
Shiba Inu lead developer Shytoshi Kusama has hinted at significant
progress in the project’s ambitions. Kusama’s statements, shared on
X (formerly Twitter), provide insights into the strategic direction
of Shiba Inu and its integration with broader internet
infrastructure. Alluding to the fake spot Bitcoin ETF approval
news, Kusama stated, “Hey, SHIBARMY! While everyone is focused on
approved or not, hacked or not, we remained focused on creating
what we said we would: A Network State. Since I’m hearing a lot of
Web 3 but not enough WEB, let’s talk about SHIB NAME TOKENS.”
Elaborating on the project’s direction, Kusama highlighted the
importance of domains in the digital world: “Domains are the
identity layer of the Internet. For 40 years, they have made using
the Internet easier for all. If you type http://shib.io into your
browser, you go to the Shib website. What if you could do more?” In
a push to gain adoption, Shiba Inu is partnering with D3 to apply
for the .shib Top-Level Domain (TLD), aiming to make a significant
impact on the internet landscape. “This will allow us to tap into
infrastructure that is used by 5.3 BILLION people worldwide,”
Kusama noted, emphasizing the extensive reach of this endeavor.
Related Reading: Shiba Inu Breakout To $0.001? Rumored 9.25
Trillion SHIB Token Burn Could Be The Catalyst The plan involves
utilizing domains to establish a seamless identity layer for Shib
across the internet, without necessitating special software,
wallets, plugins, or extensions. This move could drastically
simplify user interaction with the Shiba Inu ecosystem, potentially
revolutionizing digital identity verification and interaction on
Web3 platforms. Kusama envisions a future where .shib domains could
be used for various purposes, including hosting websites, sending
and receiving emails and digital assets, and serving as usernames
on Web3 platforms. “You already use domains all over Web3. You use
it to access our ecosystem, you use it to access the exchanges
where you buy and sell SHIB, LEASH and BONE, you use it to open X
to read this tweet. Now imagine if those domains ended in .shib,”
Kusama remarked. Shiba Inu Price Analysis Simultaneously, the
SHIB/USD pair’s technical analysis indicates a cautiously
optimistic outlook. The weekly chart reveals a break from a
downtrend as well as a thus far successful retest of the breakout.
As NewsBTC reported, SHIB broke out of the descending triangle
pattern in early December and recorded a new higher high after a
series of lower highs from August 2022 to November 2023. Related
Reading: Shiba Inu’s Shibarium Hit Major Milestone Amid Rapid
Network Recovery Despite experiencing a retracement of
approximately 28% from this local peak, SHIB has displayed
resilience by maintaining key support levels on the weekly time
frame. Notably, the previous week’s close remained above the
triangle’s descending trendline, which is a bullish signal.
Additionally, SHIB managed to sustain prices above the 0.236
Fibonacci level at $0.00000878. The maintenance of the price above
the 20-week EMA is another bullish indicator, especially if SHIB
manages to close above this level again this week. Should this
trend persist, a retest of the 0.5 Fibonacci level is plausible.
However, traders should anticipate significant resistance in the
zone between the 0.382 Fibonacci level, approximately $0.00001050,
and $0.00001063. In the event of an extended upward trajectory, the
0.618 and 0.786 Fibonacci levels, at about $0.00001327 and
$0.00001525 respectively, are poised to be the next critical
resistance junctures. The ultimate target for bullish momentum
could be the August 2022 high of $0.00001777. The volume profile
reinforces this bullish outlook, revealing a spike in trading
activity that coincides with the recent appreciation in price,
indicative of robust buying pressure. The RSI’s neutral stance at
53.63 lends flexibility to the market’s directional bias, implying
that there is sufficient headroom for price expansion before the
asset enters overbought or oversold territory. Featured image from
Shutterstock, chart from TradingView.com
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