Shiba Inu price surged to $0.000045 on Mar. 5, but faced a 30% pullback shortly after. Amidst the memecoin frenzy that propelled SHIB, PEPE, DOGE, and WIF to triple-digit rallies, the SHIB team made a significant move by introducing a new product.

Shiba Inu Launches SHIB Names: A Competitor to Ethereum ENS

In response to the memecoin craze, Shiba Inu launched SHIB Names, a service similar to Ethereum Name Service (ENS). This product allows users to create universal named labels for wallet addresses, enhancing navigation across defi protocols. To encourage adoption, the SHIB team is offering a 69% discount to early adopters.

Speculative Traders Eye Bullish Impact

While it’s too early to gauge community reception or utility, early reactions in derivative markets indicate bullish speculation. Funding rates for SHIB spiked following the product launch announcement, suggesting traders anticipate a bullish price action. This optimism has helped SHIB maintain support above $0.00003, with potential for further gains in the near future.

Shiba Inu Price Prediction

At $0.000032, SHIB faces critical support at $0.00003. Derivatives traders’ response to the SHIB Names launch could dictate price movement. With a strong support buy-wall at $0.00003, SHIB may rally towards $0.00005, pushing market cap above $30 billion. However, a bearish downturn could find support at $0.000020.

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