The Shiba Inu team has finally introduced its much-anticipated metaverse project. It is aimed to take on established players like Decentraland. In a blog post published on 30 March, the team revealed details about its much-talked-about metaverse project called “SHIB: The Metaverse.”
I spread my claws
The developers behind the popular cryptocurrency Shiba Inu (SHIB) have unveiled their virtual reality project. This virtual world would include approximately 100,595 virtual plots of land and four unique neighborhoods. In addition, public land will be put up for sale.
In a tweet, SHIB said:
Although, developers decided to use Ethereum‘s native cryptocurrency Ether as a land pricing token instead of SHIB.
“Using our ecosystem tokens is a risk, as we would need to dump the price of our own tokens to cash them in! And that is far from our plans,” the developers said in the announcement on Wednesday.
Hence, the team decided to use a “neutral coin” as a land pricing token that can be sold into stablecoins to pay all the sources.
The plots of land would come in phases. The introductory phase unlocked 36,431 plots, divided into four categories: Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth whose price varies between 0.2 ether (ETH) and one ETH. As the phases unfold, all tokens – SHIB, LEASH, BONE would play a role. Especially with SHIB, the ad said:
“We will be introducing the first special role that Shiba Inu $SHIB will play in the Metaverse. By welcoming a mechanic to burn $SHIB independently while renaming your land plot, furthermore, this should start soon after land events and public sale have ended.”
Land buyers will be able to generate passive income, gather in-game resources, and create rewards. Overall, this stage will be developed in Shibarium, a Tier 2 solution for SHIB.
Salty much, Billy?
Dogecoin co-founder Billy Markus was quick to criticize this move. In fact, he went on to say that making “random metaverse” and “selling fake land” with Ethereum would not enhance the utility of SHIB.
How is our favorite dog?
SHIB, according to CoinMarketCap, was up 2% in 24 hours. Indeed, this development has injected much-needed optimism into the flagship token.
As per IntoTheBlock data, the profitability of the second-largest meme cryptocurrency increased to 47%.
Dominant whales surely played a vital role in the acquisition of said token. Different whales had received SHIB in the past, as noted earlier. Here is a brief summary:
WhaleStats’ analysis of the top 100 Shiba Inu holders reported a 110% rise in the average SHIB balance of this category of investor. In addition, the average SHIB value of their portfolio grew by 127%.
Netflow has also increased by more than 826% in the last 24 hours.
