October 5, 2022

Shiba Inu Enters The Metaverse, But Will This Help Its Price?

3 min read

Meme coin Shiba Inu recently revealed its relocation into the metaverse. The ‘Shibverse’ as it’s called will usher the cryptocurrency into a thriving space, most likely to offer more utility for the digital property. This news is no doubt well received by the community as it permits SHIB to participate in what is a growing market. But how has the cost of the digital property responded to this up until now?

Shiba Inu Announces Shibverse

Shiba Inu, among the most popular meme coins, and winners of 2021 has revealed that it would be making its debut in the metaverse with the Shivers. It comes as no surprise as the team has actually been upcoming about dealing with more usage cases for the cryptocurrency. Previously, the Shiba Inu team had revealed that it was releasing its own game, where SHIB will act as the energy token.

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The announcement tweet has actually consisted of a preview of the metaverse, which featured a high-resolution image of the popular Shiba Inu dog type standing in the middle of the woods with what looks like a pickaxe in its mouth.

As promised, we are so fired up to reveal our first unique surprise for the year #ShibArmy!

In 2022, we are reaching new heights and welcoming the #Shiberse 🌎< img src=" https://s.w.org/images/core/emoji/13.1.0/72x72/1f30e.png" alt ="" class=" wp-smiley" style=" height: 1em; max-height: 1em;"

/ >. An immersive experience for our ecosystem and the Metaverse space! We can ' t wait to show you more. Woof! 🐶 pic.twitter.com/tCRQ1m1RiT– Shib( @Shibtoken) January 24, 2022

Given the popularity of the metaverse in recent months, it is not a surprise to see more established tasks going into the area. Social media giant Facebook (now Meta), is among the most notable entrants, rebranding its name and image to fit into its metaverse objective going forward. The retail chain, Walmart, has actually also made relocations into the metaverse according to a number of patent filings that were revealed.

How Has SHIB Fared On The Charts

Following the announcement of Shibverse, the price of the digital asset had responded positively. One thing to note is that SHIB has been on a sag because it hit its all-time high in 2015 and has continued this course. News like these are expected to assist the value of coins like Shiba Inu however the cryptocurrency seemed adamant to continue its journey downwards.

SHIB trending at $0.00002|Source: SHIBUSD on TradingView.com

The statement had actually set off a small rally in the cost of the altcoin, sending it above the $0.0000225 point. Nevertheless, this would prove to be only short-term as it continued downward.

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Belief for the meme coin stays strongly in bearish territory, which does not spell good news for the long-term performance of the digital asset. In addition, most of Shiba Inu holders are now at loss, making it a less than successful endeavor for crypto investors.

In the last 24 hours, SHIB has continued to trend low hitting a low point of $0.00002. As the brand-new week is ushered in and the marketplace begins to open up, there could be some upside seen in the cost of assets, although it is not likely that it will be considerable in any method.

Included image from Thewistle, chart from TradingView.com