Shiba Inu’s Unique Proposal Aims to Attract More Users: What’s in Store for SHIB?

• Shiba Inu developers aim to acquire their own “.shib” domain to revolutionize digital identity on Web3.

• Despite a 4,000% increase in SHIB token burning, its price remains relatively stable, down 2% in 24 hours but up 9% weekly.

The developers behind the popular Shiba Inu (SHIB) meme token have unveiled ambitious plans to acquire a unique top-level domain (TLD), marking a significant milestone in Web3. As disclosed in the most recent issue of Shib magazine, Shiba Inu will spearhead the Web3 revolution with its top-level domain (TLD) as a result of a strategic agreement with D3 Global, a well-known domain corporation.

Shiba Inu Sets Its Sights on a Distinctive Digital Identity

A top-level domain (TLD) is the last part of a domain name, very similar to the well-known “.com” or “.org.” In the global domain name system managed by the Internet Corporation for Assigned Names and Numbers (ICANN), it is essential for classifying and identifying websites. The innovative goal of Shiba Inu is to create a decentralized top-level domain (TLD) that will allow users to easily register distinctive “.shib” domain names that work with Web2 and Web3 apps and provide people with a unique online identity.

Remarkably, while other Web3 protocols have generated domain names such as “.eth,” none have achieved TLD status because of the complex and drawn-out approval procedure required by ICANN. To secure their highly sought-after SHIB names ahead of time, Shiba Inu has taken a risk by enabling customers to pre-register for early access to this new service.

Surprisingly, Shiba Inu intends to apply in the next window to become the first Web3 project to successfully negotiate this challenging process. Moreover, should ICANN approve, SHIB holders can create email addresses that end in “.shib,” which are completely interoperable with normal email apps.

SHIB’s Burn Rate and Price Movements

Notably, despite retracing from its peak levels, the Shiba Inu meme coin, SHIB, continues to generate buzz within the cryptocurrency community. A key element of this intrigue centers around SHIB’s burning mechanism. As reported by Shibburn, the memecoin project has witnessed an astounding 4,000% increase in its burn rate over the past seven days. Thus resulting in the transfer of over 8.6 billion SHIB to an address inaccessible to anyone.

The burning mechanism’s objective is clear: to reduce the vast circulating supply of SHIB, potentially increasing its scarcity and long-term value. However, it’s important to note that the recent surge in burn rate appears to have had minimal impact on SHIB’s price.

It is worth noting that,  amid this significant announcement, SHIB is experiencing relatively suppressed volatility in its market performance. Shib is trading at $0.00001034 at the time of writing, reflecting a modest 1.36% surge over the past 24 hours.

Shibarium’s Progress

Shiba Inu’s commitment to innovation extends beyond acquiring a TLD and the token’s burn rate. The project introduced Shibarium, a layer-2 blockchain solution, in August of the current year. Shibarium has rapidly achieved significant milestones, with the total number of blocks exceeding 2 million and total transactions nearing 150 million.

Experts have noted that Shibarium’s ongoing development holds the potential to act as a catalyst for a future SHIB price rally. Shibarium’s primary objective is to elevate Shiba Inu above its competitors within the memecoin niche by reducing transaction fees and enhancing transaction speed.