The D3 platform has facilitated the launch of SHIB domain names, which will provide support for web3 and operate on the DNS for full internet compatibility.
The introduction of SHIB domain names will have a significant impact on the widespread adoption of Shiba Inu as a utility-based meme coin.
Shiba Inu (SHIB), the leading meme coin on the Ethereum (ETH) network with nearly 1.4 million on-chain holders, has gradually developed into a thriving web3 ecosystem. Web3 developers have been launching decentralized financial (DeFi) projects on the Shibarium layer-two network, resulting in a substantial increase in SHIB’s on-chain activity.
As a result, the Shibarmy has directly benefited from the higher auto burn rate and increased demand. As previously reported by Crypto News Flash, the increased SHIB burn rate will ultimately have a significant impact on the underlying price action, particularly in the confirmed crypto bull market.
According to market data provided by defillama, the Shibarium network is home to over a dozen web3 platforms that have locked more than $1.76 million to ensure the stability of the ecosystem.
SHIB Domain Names Launched at a Discount
As previously reported by Crypto News Flash, the Shiba Inu ecosystem will collaborate with D3, a leading domain name company specializing in web 1-3, to introduce SHIB domain names. The standard SHIB domain names will cost $10 per name annually, while premium names will start at $50 per name per year.
Some of the standard SHIB domain names include technology*shib and foundation*shib, while premium names include seller*shib, loan*shib, and earn*shib. Early adopters of SHIB domain names will receive a one-time 69 percent discount on their first shopping cart of up to 20 SHIB name tokens. It is worth noting that the promotion will end 69 hours after early access opens.
LFG #SHIBARMY! Shib Names have officially launched! Grab 69% off your first cart by using ‘SHIBARMY’ as a coupon code
https://t.co/EOppXvoNf0 pic.twitter.com/Q8t4Bqmu2n — Shib (@Shibtoken) March 6, 2024
The SHIB domain names feature a star instead of the traditional dot, as they are specifically designed for web3 functionality. This unique feature sets SHIB domain names apart in an industry largely dominated by traditional dots. Additionally, SHIB domain name users can easily trade the names on the D3 marketplace.
Shiba Inu Demonstrates Market Dominance
The recent rotation of crypto cash has sparked a frenzy around meme coins, leading to Shiba Inu’s (SHIB) price breaking out of the macro bearish outlook. As the largest meme coin on the Ethereum network, with a fully diluted valuation of approximately $31 billion and a daily trading volume exceeding $5 billion, SHIB has signaled the start of the much-anticipated parabolic rally.
With significant developments in the Shiba Inu network over the past year, the SHIB price has finally broken out of a macro bear market consolidation. Following a bullish close last week, SHIB’s weekly Relative Strength Index (RSI) has surged above the 70 level, indicating that the bulls are in control. As Crypto News Flash previously reported, SHIB has established its market dominance over top-tier layer one coins such as XRP and Solana (SOL).
In the past two weeks, SHIB’s price has surged more than 300 percent, trading at around $0.00003165 on Thursday, March 7, 2024.
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