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Shiba Inu’s price has dropped by around 2% in the last 24 hours, trading at $0.0000102 as of 4:30 a.m. EST with daily trading volume slumping more than 31% to $175 million.
But there’s better news for SHIB holders as the team behind Shiba Inu is working with internet domain player D3 to apply for and receive the .shib internet domain.
The move is a part of a broader push toward a decentralized identity project, according to a recent report by CoinDesk.
The report explains that every internet domain application is passed and vetted by ICANN, which grants owners the right to sell domains containing a specific suffix, like .app or .xyz.
Shiba Inu is now pursuing its .shib domain, and if it gets permission, the project will become one of the first Web3 networks with its own DNS namespace.
Shiba Inu Price Prognosis With The Potential Arrival Of .SHIB Internet Domain
Shiba Inu’s price is trading sideways at $0.0000102 after dropping from $0.0000104 a day earlier.
However, as seen below, the token has formed a symmetrical triangle on the 4-hour Chart.
This suggests that its price might see a breakout in the next 24 hours. If it is positive, the coin might try to head up and retest the $0.00001055 resistance level.
Should the 4-hour candle close above this barrier, SHIB will have an opportunity to continue climbing up in days to come, potentially pushing it to $0.00001250 in the short term.
However, SHIB could also see a negative breakout, pushing it further down to $0.00000925 support.
Several technical indicators show that SHIB is currently at a crossroads of sorts. For example, its RSI score is relatively neutral, although it is slightly closer to the overbought territory than oversold.
Its Bollinger bands are not as narrow as when the price drop started 24 hours ago, but they are also not broad enough to suggest that the bulls are taking over.
The Moving Average Convergence Divergence (MACD) suggests that a short-term bullish outlook can be expected, which favors the first proposed scenario.
For investors looking for more upside potential, a new GameFi presale might be worth considering as some analysts say it may be a ”Pepe Killer.”
Promising Alternative To Shiba Inu
It is called Meme Kombat (MK) and it’s currently one of the most popular meme coins across the crypto industry.
Unlike most meme coins, which launched without any use cases and have only managed to gain some over time, Meme Kombat has developed an innovative new gaming platform designed for gaming enthusiasts.
The project intends to offer rewards for users, as well as several different ways to engage.
Those who enjoy betting can actively engage with the rest of the betting community, while those who wish to deposit their tokens and use them to make more money in a slower but safer way can engage in passive staking.
So far, the project’s presale is one of the most successful ones in 2023. It raised $3.93 million as of the time of writing, and it is still open.
Just passed $3.8 million.
Kombat is nearing ever closer⚔️ pic.twitter.com/FOvFbSTJwp
— Meme Kombat (@Meme_Kombat) December 19, 2023
The project’s token, MK, is selling for $0.246 and can be purchased in exchange for ETH and USDT. However, it is scheduled to see a price increase in just over 24 hours, so buying it today presents an excellent opportunity.
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