NOIDA (CoinChapter.com) — Shiba Inu, a cryptocurrency that initially gained attention as a memecoin, is venturing into the digital identity space with its new project, Shibdentity, set to roll out in 2024.
The development focuses on transitioning from traditional wallet addresses to more intuitive and secure digital identities within the Web3 ecosystem. As such, the upcoming launch could help bolster demand for SHIB tokens, helping Shiba Inu’s price in India and globally rise to new highs.
Shiba Inus’s Shibdentity Overview
The core of Shibdentity lies in introducing a system where users can have digital personas called “Shib Names.”
The Shiba Inu Shibdentity team has partnered with Web3 digital identity service provider D3 Inc. to transition “Shib Names from a concept to a global standard.“
Developers at Shiba Inu claim that Shib Name would offer users a secure way to establish and maintain a digital presence. Furthermore, the project claims that just like users have unique usernames on Web2 services like X, similarly, Shib Names will provide a unique identity to Web3 users.
Additionally, easy-to-remember unique identifiers will help prevent accidental transactions while establishing a unique persona on Web3.
This approach simplifies transactions and enhances security within the Shiba Inu ecosystem. By leveraging Shibarium’s security features, Shibdentity intends to minimize errors in sending assets and promote interoperability within the Shibarium apps and services.
Will Shiba Inu’s Shibdentity Boost SHIB Demand
The introduction of Shibdentity could influence SHIB’s demand by making the cryptocurrency more accessible and appealing to a broader audience.
Futureproofing your identity is our top priority. As technology evolves, so will Shibdentity, maintaining relevance and security. We’re not just adapting to the future; we’re actively shaping it. With time, SHIB will become .SHIB and #InvadeTheInternet
Shiba Inu said in a statement
As the global financial market gets more digitized, Shibdentity could likely see increased adoption, especially in countries like India that are advancing in digital finance. Hence, the SHIB price might enjoy a rally against the INR, propelling the Shiba Inu price in India.
The project’s emphasis on user-controlled digital identities and privacy might attract individuals concerned about online security. However, the overall effect on SHIB demand will likely depend on the crypto market’s dynamics and the project’s execution.
SHIB Price Struggles To Break Past EMA Resistance
Meanwhile, SHIB’s price is struggling to surpass its 100-day EMA (purple wave) resistance near $0.0000094. The Shiba Inu token rallied 6.4% since Feb. 7 to reach a daily high near $0.000009381.
A rejection of the EMA resistance could force the SHIB’s price in India and other markets to support nearly $0.00000864. However, breaking past the key resistance might help Shiba Inu’s price rally to the resistance near $0.00001, attracting more buyers.
