Shiba Inu followers teased about significant advancements while SHIB token maintains crucial support.

Shiba Inu's lead developer, Kusama, has hinted at significant progress, leading to a cautiously optimistic outlook for SHIB/USD.

Shiba Inu Nears Milestone Achievement: Developing a Web3 Network State

Shiba Inu, one of the most popular meme coins in the cryptocurrency space, is making significant progress towards its ambitious goals. The lead developer, Shytoshi Kusama, recently shared insights on the project’s strategic direction, highlighting the integration of Shiba Inu with the broader internet infrastructure. In a series of tweets, Kusama discussed the importance of domains and announced a partnership with D3 to apply for the .shib Top-Level Domain (TLD), aiming to revolutionize the internet landscape.

The Power of Domains: From Web to Web3

Kusama emphasized that domains are the identity layer of the internet and have made accessing websites easier for users worldwide. Shiba Inu’s plan is to leverage domains to establish a seamless identity layer for their ecosystem. This move will simplify user interaction without requiring special software, wallets, plugins, or extensions. Imagine if every Shiba Inu-related domain ended in .shib; it would create endless possibilities for hosting websites, sending and receiving emails and digital assets, and even serving as usernames on Web3 platforms.

The partnership with D3 to secure the .shib TLD is a massive leap forward for Shiba Inu. It opens doors to tap into existing internet infrastructure that is used by a massive 5.3 billion people worldwide. This integration will not only expand Shiba Inu’s reach but also provide a significant boost to the adoption and usability of the ecosystem, making it more user-friendly and accessible for everyone.

Shiba Inu Price Analysis: Bullish Outlook

While Shiba Inu has been making strides in terms of development, let’s take a closer look at its price analysis. The SHIB/USD pair is showing a cautiously optimistic outlook. After breaking out of a descending triangle pattern in early December and recording a new higher high, SHIB experienced a retracement but managed to maintain key support levels.

The weekly chart reveals a positive sign as the previous week’s close remained above the triangle’s descending trendline, indicating a potential bullish signal. Additionally, SHIB sustained prices above the 0.236 Fibonacci level, adding to the optimism. Maintaining the price above the 20-week EMA is also a bullish indicator. If this trend continues, a retest of the 0.5 Fibonacci level is possible. However, traders should be aware of significant resistance levels between the 0.382 Fibonacci level (around $0.00001050) and $0.00001063.

In the event of an extended upward trajectory, the 0.618 and 0.786 Fibonacci levels at about $0.00001327 and $0.00001525, respectively, are expected to be critical resistance levels. The ultimate target for bullish momentum could be the August 2022 high of $0.00001777. The volume profile also supports this bullish outlook, indicating robust buying pressure. The RSI’s neutral stance leaves room for price expansion before the asset becomes overbought or oversold.

Shiba Inu price SHIB price needs to hold the key support, 1-day chart | Source: SHIBUSD on TradingView.com

Q&A: Addressing Readers’ Concerns and Interests

Q: How will Shiba Inu’s integration with domains improve user experience?
A: Integrating Shiba Inu with domains will simplify user interaction with the ecosystem. Users will no longer need special software, wallets, plugins, or extensions. They can access websites, send/receive emails and digital assets, and use domains as usernames on Web3 platforms effortlessly. This integration enhances usability and makes Shiba Inu more accessible to a broader audience.

Q: Will the partnership with D3 and the .shib TLD have any impact on Shiba Inu’s market value?
A: While partnerships and integrations can potentially increase adoption and create positive sentiment, it is important to note that market value is influenced by various factors. The success of Shiba Inu’s integration with domains may contribute to its overall growth and ecosystem development, which could positively impact the market value over the long term. However, market value is also subject to market trends and investor sentiment.

Q: What are some potential challenges that Shiba Inu may face in achieving its goals?
A: Like any project, Shiba Inu may face challenges along the way. Some potential challenges could include technical hurdles in integrating with existing internet infrastructure, regulatory compliance, competition from other projects, and market volatility. However, the Shiba Inu team has shown determination and progress, which can help overcome these challenges.

Conclusion: Shiba Inu’s Journey Towards a Web3 Network State

Shiba Inu’s recent progress, as revealed by lead developer Shytoshi Kusama, demonstrates the project’s strategic direction towards creating a Web3 Network State. Through partnerships and integration with domains, Shiba Inu aims to simplify user interaction and establish a seamless identity layer within the ecosystem. This move has the potential to revolutionize digital identity verification, user experience, and interaction on Web3 platforms.

While Shiba Inu continues to develop its ambitious goals, the price analysis shows a cautiously optimistic outlook. With key support levels held and bullish indicators in place, SHIB may experience further upward momentum. However, traders should consider the significant resistance zones that lie ahead.

As the journey continues, Shiba Inu has become more than just a meme coin; it is carving its path towards becoming a significant player in the crypto space. With the integration of domains and their potential impact on usability and adoption, Shiba Inu is setting itself up for future success.

References

  1. Progress in Shiba Inu’s ambitions
  2. Fake spot Bitcoin ETF approval news
  3. Shiba Inu + D3 partnership for .shib TLD
  4. Web3 platforms
  5. Shiba Inu’s Shibarium milestone
  6. SHIB price prediction

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