Shiba Inu announces launch of Shib Name Service on Shibarium, SHIB holders await reaction

Shiba Inu teased a key feature for SHIB holders on its Layer 2 scaling solution Shibarium on October 28. The meme coin project announced the launch of a Shib Name Service (SNS) feature, to allow users to personalize their names and control their identity on Shibarium.

SHIB price yielded 2% daily losses for holders on Binance. The bullish development failed to drive Shiba Inu price recovery.

Also read: Shiba Inu teases self custodial identity for SHIB holders, fails to push price higher

Shib Name Service goes live on Shibarium

Shiba Inu-themed meme coin SHIB announced the launch of the Shib Name Service (SNS) on Shibarium. As of November 1, Wednesday, the service is live for Shibarium users. This marks a key milestone for the SHIB community as it allows secure names, rather than complex addresses like 0xCD4(...).

Users can now sport names like name.shib, controlling their identity and how they interact with the Layer 2 scaling solution. The project has announced a launch celebration and a $5,000 SHIB giveaway, find details in the official tweet.

Shytoshi Kusama, Shiba Inu’s lead developer, teased more developments to follow for SHIB holders in his recent tweet. 

Shiba Inu price fails to react to SNS launch

The launch of the SNS for Shibarium users failed to act as a catalyst for Shiba Inu price. SHIB price dropped nearly 2% on the day, on Binance. As seen in the price chart below, the 50-day Exponential Moving Average (EMA) at $0.00000770 acts as support for SHIB.

Shiba Inu price faces resistance at the 200-day EMA at $0.00000833. Below the 50-day EMA, SHIB price could find support at the upper boundary of the FVG, $0.00000746. Once the gap is filled, Shiba Inu is likely to resume its uptrend. 

SHIB/USDT one-day price chart on Binance

SHIB price correction to $0.00000746 is therefore likely to be followed by a trend reversal and a rally in Shiba Inu.