Shiba Inu, a popular meme cryptocurrency, has announced a partnership with internet domain company D3.
This collaboration aims to secure the ".shib" internet top-level domain (TLD) as part of Shiba Inu's larger initiative towards a decentralized identity project.
Despite this technological advancement and strategic partnership, Shiba Inu's token, SHIB, has seen a decline in its market value.
A major partnershib
As a player in the internet domain sector, D3 specializes in the application and management of internet top-level domains. Their expertise lies in navigating the complex process of acquiring and setting up new TLDs.
Unlike existing Web3 names that lack native compatibility with crucial internet tools such as web browsers and email, the proposed ".shib" domain aims to provide seamless integration with both the traditional internet's Domain Name System (DNS) and modern Web3 technologies.
This move could offer enhanced functionality for SHIB users, allowing them to use their domain in standard web browsers and possibly enhancing their digital identity and transactions in the blockchain space.
SHIB fails to buck the bearish trend
Despite Shiba Inu's innovative steps in the domain space, the price of SHIB has not mirrored this technological optimism.
As of the latest market data, SHIB is trading at $0.00001017, marking a 2.5% decrease. Its market cap stands at $5.99 billion with a 24-hour trading volume of about $169.65 million.
This decline is part of a broader market trend, with most cryptocurrencies, except Binance Coin (BNB), also seeing a downturn.
Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies, are also in the red.
Tomiwabold Olajide
Mushumir Butt
