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SHIB Price Rises as Shiba Inu Initiates Countdown for ‘Identity’ Project

2 mins
Updated by Ryan James
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In Brief

  • Shiba Inu developers are preparing to launch a revolutionary SHIB identity on the blockchain, adding more utility to the SHIB token.
  • The new project aligns with the vision of incorporating Self-Sovereign Identity into all Shiba projects, fostering trust among users.
  • The announcement of the new development has boosted SHIB's price by more than 2%, continuing its recent price uptrend.
  • promo

Shiba Inu developers are gearing up to launch a groundbreaking SHIB identity on the blockchain. This represents another landmark project designed to help the SHIB token gain more utility.

On October 28, the official Shibtoken Twitter account announced a surprise Shib Identity launch set to take place in just 72 hours.

Self-Custodial Identity Unveiled by Shiba Inu

While specific details about this digital identity remain under wraps, Shiba Inu characterized it as a revolutionary development within the blockchain sphere. The project also offered a $5,000 SHIB Giveaway to its community.

Prominent Shiba developer Shytoshi Kusama highlighted it as one of many exciting developments within the digital asset ecosystem. He said:

“Many things on the horizon to help embrace the possibility of a peaceful world with #SHIB as the foundation.”

Another developer, Kaal Dhairya, described the project as the first step towards self-custodial identity.

Meanwhile, the video has triggered optimism within the community, with several SHIB holders eagerly anticipating more information about the digital identity project.

Vision For Self-Sovereign Identity

Shiba’s recent revelation aligns with an earlier disclosure of plans to incorporate Self-Sovereign Identity (SSI) into all Shiba projects.

In August, Kusama shared the vision of creating digital identities for users. The blockchain-based digital identity aims to provide users with a consistent identity across all Shiba Inu projects, fostering trust among users and governments.

Meanwhile, these projects align with the strategic initiative to transform Shiba Inu into a versatile utility token. Notably, Shiba Inu has achieved a significant milestone with the successful introduction of Shibarium, a layer-2 scaling solution.

Shibarium Data. Source: Shibariumscan

This solution has gained swift adoption, with Shibariumscan data revealing it has completed over 3 million transactions.

Shiba Inu Price Update

Data from BeInCrypto shows that news of the new development has pushed SHIB’s price up by more than 2% to $0.0000080 as of press time.

SHina Inu SHIB price
Shiba Inu SHIB Price Performance. Source: BeInCrypto

This continues the asset’s recent price uptrend that has seen its value grow by more than 10% during the past week amid the broader crypto market rally.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.