Shiba Inu (SHIB) recently revealed a collaboration with D3 Global to launch its top-level domain (TLD). Despite this innovative move aimed at strengthening its presence in the mainstream, the value of SHIB remains in a downtrend. Experts are hoping to see a bull run in the crypto market entering the new year, with this announcement hopefully pushing Shiba Inu specifically.
The latest collaboration involves cooperation with the Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organization overseeing various facets of the Internet. The envisioned “.shib” domain seeks to overcome the limitations of existing web3 domains like ‘.crypto’ and ‘.eth,’ which face challenges in seamlessly integrating with essential internet tools such as web browsers and email due to their non-operation on the Domain Name System (DNS).
Also Read: Shiba Inu Domain Ambitions with D3 Face Price Headwinds
After the announcement, Shiba Inu remained down over the past week, trading at $0.00001028 at press time. Over the weekend, SHIB exhibited heightened volatility, surging by 23% on Dec. 16, only to experience a subsequent 14.39% decline from its peak on Dec. 17. Market cap stands at just over $6 billion, with a 24-hour trading volume of approximately $150 million.
In terms of a potential bull run for the crypto market, the current bearish market will unlikely be affected too much by the latest Shiba Inu announcement. More than likely, the next crypto bull run will come when the SEC approves a Spot Bitcoin ETF, which experts expect to come sometime in Q1 2024. Otherwise, Shiba Inu will likely remain bearish to close out 2023. As the cryptocurrency landscape evolves, Shiba Inu’s ability to navigate these fluctuations will be pivotal in determining its future trajectory following D3.
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