One of the best-performing memecoins in the digital assets ecosystem is Shiba Inu with a surge of 51% in its price within 24 hours. This surge which has pushed the price of the asset to $0.00003426 is being bolstered by the SHIB Name Service update teased by the project.

The SHIB Name Service

Last year, Shiba Inu developers came up with a protocol called Shib Name Service (SNS). 

This service allows any SHIB holder to get their Shiba Inu personalized. With the new offering, users will get to customize their Web3.0 identity by further adding details like places, gamertags, digits, and more. It was a huge milestone for the Shiba Inu protocol especially as it has to do with improving users’ experience within the decentralized niche.

One of the goals that the SNS was designed to achieve is to help users navigate the challenges they face in dealing with long and intricate wallet addresses.

It started with an initial plan to incorporate Self Sovereign Identity (SSI), a blockchain-based digital identity system into all Shiba Inu projects. Later, it was declared that the first step to unlock the unique SHIB identity would be released on Wednesday, 1 November 2024. 

When SNS was first, there was a massive price gain, causing SHIB to reach new levels. It’s been almost six months since this serve was first teased and the current outlook of SHIB shows bullish momentum, retaining the profit it gained from last year. 

At press time, SHIB traded at an outstanding value of $0.0000344, with more than a 51% increase within the last 24 hours.

The Expectations for the Upcoming SNS

At the beginning of this year, Shiba Inu’s pseudonymous developer Shytoshi Kusama revealed the registration process for the SNS service. Part of the benefit of registering alongside other early birds is the exclusive access to opportunities within the evolving Web3 ecosystem.

Certain key features of the SNS include Simplified Transactions, Multichain Compatibility, User-Customized Identities, Metaverse Integration, and Early Access Opportunities. it equally boasts of multichain compatibility, which allows users to transact seamlessly across various blockchain networks. 

Per the new update, the 1.1 version of the Shiba Name Service is now poised to be airdropped to members of the community. The snapshot to determine the respective SHIB Names will be taken and the Shiba Inu token cautioned the community to beware of fraudsters that might try to take advantage of this campaign.

Attention #SHIBARMY

The 1.1 version of our SNS is coming tomorrow

In the next 2 hours, we’ll halt all transfers of current name tokens and after it we’ll take a snapshot that will be used to airdrop the replaced new *Shib names in collaboration with @D3inc

Stay…

— Shib (@Shibtoken) March 4, 2024

The post Shiba Inu Price Retains 51% Surge Amid Shib Name Service Update appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am