Developers of the meme token Shiba Inu (SHIB) have forged a partnership with infrastructure provider D3 Global to register the top-level domain “.shib”.
We’re partnering with @ShibToken to apply for and obtain the .shib Top-Level Domain (TLD) ?
Learn more here ? https://t.co/ZBWtO4ubtA pic.twitter.com/zO3rZPavWi
— D3 (@D3inc) December 19, 2023
D3 focuses on next-generation network addresses that enable interaction between Web 2.0 and Web3.
According to the company’s website, current Web3 domain names like \”.crypto\” and \”.eth\” do not work with traditional tools, including web browsers and email clients, because they do not support DNS protocols.
Traditional domains also do not support the features of the next generation of the internet.
In the near term, D3 will apply to ICANN — a nonprofit organization headquartered in the United States that creates and enforces policy for online identifiers.
If approved, SHIB holders will be able to create email addresses ending with \”.shib\”. According to the company, they will be compatible with ordinary mail apps.
The initiative also implements \”named tokens\” that replace the classic alphanumeric wallet address with chosen nicknames prefixed accordingly, analogous to Ethereum Name Service.
\u201CMoving real domains to SHIB is a big deal, expanding the vision of digital identities in our decentralized ecosystem while also contributing to long-term revenue within it,\u201D said a Shiba Inu developer under the alias Shytoshi Kusama.
Shiba Inu momentum
The price of SHIB hardly moved on the news. According to CoinGecko, the token rose 18% over the past month to $0.0000102. It still does not reach the February all-time high of $0.000015.
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As of writing, its market capitalization stands at $6 billion with a daily trading volume of $183 million.
Compared with other altcoins such as Solana and Avalanche, which have gained over 500% and 200% respectively over the year, the meme token shows relatively weak momentum.
Nevertheless, in recent days researchers have noted rising whale interest in SHIB. According to Whale Alert, on December 18 an unknown actor moved 579 billion SHIB worth about $5.88 million.
On the same day, Tron co-founder Justin Sun transferred almost 500 billion SHIB (~$5.13 billion at the time) from the Binance exchange to his own wallet.
The meme token’s sustainability is also influenced by its burn rate to support the deflationary model of the project. Since the initiative began, about 410 trillion SHIB have been burned (about 41% of the total supply).
Shibarium L2 solution tokens — BONE and LEASH — also show underwhelming figures. The first fell 7% year-over-year, and the second rose 3.7%.
Back in August, during the launch of the second-layer network’s mainnet, a failure occurred, causing transactions to stall. SHIB reacted with a 6% decline.
One and a half weeks after the incident, developers fixed the glitch and relaunched Shibarium.