Shiba Inu, the dog-themed meme coin, recently hinted at an update to bring self-custodial identity to all SHIB token holders. One of Shiba Inu’s prominent developers has teased a blockchain-based digital identification system for all the token holders.
The official X (formerly Twitter) account of Shiba Inu dropped the teaser on October 28. The tweet also hinted towards a surprise for all SHIB users.
The announcement mentioned, “Shib Army, brace for a seismic shift in the blockchain world! Plus, here’s your ticket to the $5,000 SHIB Giveaway! Hit that ‘Like’ button, smash ‘RT,’ and let’s spread the word. The countdown is officially underway. Get ready for a game-changer that’ll shake the crypto sphere!”
Over the past week, Shiba Inu’s price climbed around 10.6% to reach $0.0000084 at the time of writing. However, the dog-themed meme coin has plunged more than 1% over the last 24 hours. It remains to be seen if the mystery update promised by the team will have any positive effect regarding a possible price pump as bulls continue to envision the coveted $0.001 price point.
The Background
Last week, Vet KUSAMA, a prominent member of the Shiba Inu community, tweeted regarding an ongoing update on ShibaSwap, the platform’s decentralized exchange.
The tweet mentioned, “Hey #ShibArmy, We received feedback from some users. Some updates are currently being made on ShibaSwap. We apologize for the inconvenience caused.”
It is not entirely clear if last week’s announcement is linked to the latest teaser on enabling self-custodial identity for all SHIB token holders.
Way Forward for SHIB
Currently, SHIB developers have not revealed any specifics related to the self-custodial, Self Sovereign Identity (SSI) feature. So, it is more of a wait-and-watch scenario, and one can expect more insights this month, as mentioned in the announcement.
However, if brought into effect, the feature will help decentralise digital asset management, thus enabling users to exercise sole ownership over managing their data while engaging with a crypto platform. Moreover, if introduced, the feature will further enhance Shiba Inu’s decentralized capability, making its entire ecosystem more secure.