One of the most popular cryptocurrencies has been named, its value has increased by 270% in a week

Over the past 24 hours, the price of Shiba Inu (SHIB) has increased by 42.6%, doubling in value. The huge jump in the value of the memecoin can be explained by the upcoming debut of version 1.1 of the Shib Name Service (SNS), which allows holders to personalize their tokens.

According to CoinGecko, SHIB’s trading volume has increased by 293% over the past 24 hours. Over the past week, the value of Shiba Inu has increased by 270%.

The developers of Shiba Inu have introduced an SNS that allows SHIB owners to personalize their SHIB by customizing their own Web3.0 identity with details such as locations, game tags, and numbers. Originally developed to incorporate self-sufficient identity (SSI) into Shiba Inu projects, the first step towards unlocking the unique SHIB identity was announced for November 1, 2024.

The key features of the SNS are simplified transactions, multi-chain compatibility, custom identifiers, meta-integration, and early access capabilities, which allows for seamless transactions on blockchain networks. As previously reported, Shiba Inu investors are currently leading a campaign to promote Grayscale to create a SHIB exchange-traded fund (ETF).

Over the past week, popular memecoins such as Pepe, Floki, Bonk, and others have shown rapid growth. The price of such cryptocurrencies has increased by more than 500%, and the trading volume has increased by almost 3000%. According to Santiment, as public interest and prices have changed significantly, many memtokens have reached new all-time highs (ATHs). Along with the trading volume and sharp price increases, memecoins have also seen a significant surge in social activity.