The meme coin frenzy that gripped the crypto market in early March saw Shiba Inu (SHIB) and other meme tokens like Dogecoin and Solana’s Dogwifhat skyrocket to new heights. However, as the rally cooled off this week, the SHIB team has unveiled a strategic move that could reignite bullish momentum.
On March 6th, the Shiba Inu team launched SHIB Names, a competitor to the Ethereum Name Service (ENS). This new product allows users to acquire universal named labels for their wallet addresses, creating unique identities for seamless navigation across various decentralized finance (DeFi) protocols.
To drive widespread adoption, the SHIB team is offering a 69% discount to early adopters of SHIB Names. This move has already piqued the interest of speculative traders in the derivatives market.
Data from Santiment’s funding rates metric, which tracks fees paid by perpetual futures contract holders, showed a noticeable spike following the SHIB Names announcement. This suggests that leveraged traders are betting on an imminent bullish price action for SHIB, offering higher fees to maintain their long positions.
The timing of this spike aligns with the SHIB Names launch, indicating that traders are speculating on a positive price reaction to the new product.
Shiba Inu’s price has maintained steady support above $0.00003 since March 6th, as bulls consolidate their positions in anticipation of another leg-up. According to IntoTheBlock’s data, a strong support buy wall exists around this price level, with over 155,000 addresses holding a significant amount of SHIB tokens.
If these holders take cues from the bullish derivatives traders, SHIB could potentially rebound towards $0.00005, pushing its market capitalization above the coveted $30 billion mark.
While the success of SHIB Names remains to be seen, the Shiba Inu team’s strategic move demonstrates their commitment to driving innovation and utility for the memecoin. As the memecoin mania subsides, this new product launch could be the catalyst that fuels the next bull run for SHIB.
