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

By BeInCrypto October 30, 2023 In Shiba Inu

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.

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.

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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