Shiba Inu Up 100%: Is the SHIB Name Service Update Driving the Rally?

• Shiba Inu witnessed a 91% surge in price in the past 24 hours. 
• The memecoin holders are pushing Grayscale for a spot SHIB ETF.
• Version 1.1 of the SHIB Name Service is now set for an airdrop to community members.

Shiba Inu (SHIB) has witnessed a 91% surge in price in the past 24 hours and went as high as $0.00004533 at one point, doubling in price. The memecoin’s insane price surge can be attributed to the upcoming debut of the 1.1 version of the Shib Name Service (SNS), which allows holders to get their tokens personalized. 

As per CoinGecko, the trading volume of SHIB rose 293% in the past 24 hours, and as of 10:11 p.m. ET, the price of the memecoin stands at $0.00004335. It is important to note that the data shows that Shiba Inu is up 338% in the past 14 days.

Shiba Inu developers unveiled SNS allowing SHIB holders to personalize their SHIB by customizing their Web3.0 identity with details like places, gamertags, and digits. Initially designed to incorporate Self Sovereign Identity (SSI) into Shiba Inu projects, the first step to unlocking the unique SHIB identity was announced to be released on November 1, 2024.

Notably, Shiba Inu took to social media platform X to confirm that the 1.1 version of SNS is now set for an airdrop to community members.

In the next 2 hours, we’ll halt all transfers of current name tokens, and after it we’ll take a snapshot that will be used to airdrop the replaced new *Shib names in collaboration with D3inc.

Interestingly, the key features of SNS include Simplified Transactions, Multichain Compatibility, User-Customized Identities, Metaverse Integration, and Early Access Opportunities, allowing seamless transactions across blockchain networks.As reported earlier, Shiba Inu investors are currently spearheading a campaign to push Grayscale for a SHIB exchange-traded fund (ETF). As of today, the petition has more than 4,000 signatures.