Shiba Inu, a prominent cryptocurrency, announces a collaboration with internet domain company, D3, aiming to secure the highest level internet domain “.shib” (TLD) as a pivotal element of Shiba Inu’s expansive initiative towards a decentralized identity project.
Despite technological advancements and this strategic partnership, the market value of Shiba Inu’s currency, SHIB, has seen a decline.
D3, specializing in the application and management of top-level internet domains, plays a crucial role in securing and establishing new TLDs. Their expertise lies in navigating the intricate process of acquiring and establishing these domains.
Unlike current Web3 names lacking original compatibility with essential internet tools like web browsers and email, the proposed “.shib” domain aims to offer seamless integration with both traditional Internet Domain Name System (DNS) and modern Web3 technologies.
This allows users to utilize their domain in standard web browsers, potentially enhancing their digital identity and blockchain transactions.
SHIB’s Inability to Resist Bearish Trends:
Despite innovative strides in the domain arena, SHIB’s price has failed to hold ground. According to recent market data, SHIB is trading at $0.00001017, marking a 2.5% decrease. Its market capitalization stands at $5.99 billion with a 24-hour trading volume of approximately $169.65 million.
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This decline aligns with broader market trends, as most cryptocurrencies, barring Binance Coin (BNB), are experiencing a downturn. Leading digital currencies like Bitcoin (BTC) and Ethereum (ETH) are also in the red zone.
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