The platform’s Shiba Inu community has eagerly anticipated the launch of Shibarium, its metaverse project. After receiving Shiba Age, they waited what felt like forever to start their metaverse journey.
But just recently, word spread that Shiba Inu was needed for another metaverse endeavor. For more information about this effort and SHIB’s reaction, please provide the following details.
Contrary to the Metaverse, Shibarium
The creator of the Shiba Inu, Shytoshi Kusama, tweeted on November 23 that the World Economic Forum has extended an invitation to the dog breed to participate in several projects. Shytoshi stated that the economic authority has encouraged the initiative to engage in “MV global policy.” While explaining how Decentraland, Meta, and Sandbox were all working together, the MV would naturally infer the metaverse.
The community as a whole will vote on whether or not to accept the offer. Over 60% of the developer’s 850,000 followers had voted in favor of accepting the offer as of this writing, with over 18,000 votes submitted.
Some key metrics
According to data provided by Whalestats, 3.14% of SHIB is owned by the top 100 Ethereum holders. About $70 million is the approximate worth of the investment. Having such assets is further proof that a lot of money has been put into the project.
More than 8% of the market cap has been added in the last 24 hours, according to data compiled by CoinMarketCap. The information showed, however, that trading volume had dropped by 100% on the prior day.
Shiba’s recent 30-day address activity also shows an uptick. Using the Santiment metric, it seems like there were more working email accounts. Up from the 80,000 regions in late October, the current estimate stands at over 1,30,000.
The number of times Shiba has used an address in the last 30 days has gone up, too. According to Santiment, the proportion of functional email addresses has grown. Up from over 80,000 in late October, the current estimate stands at around 1,30,000.
The Market Value to Realized Value ratio on Santiment, however, showed that Shiba holders were actually losing money.
According to Santiment information, token holders who bought in the last 30 days suffered a 12.5% loss. If they decided to sell now, investors who acquired during this time frame would incur a loss of over 12%.
Metaverse… but not Shibarium
Looking at the daily period price movement of SHIB shows that the price has responded well to the most recent news. In the observable trading period, it increased by over 2%.
Moreover, the increase of over 4% from the prior session was plain to see. Although a support line at 0.0000008 was visible on the chart, SHIB’s price has been moving horizontally. Furthermore, it dipped after breaking through the support and then rose again.
Above the price chart for SHIB, you can see the 50 (yellow) and 200 (blue) Moving Averages. For a price of roughly $0.00001, they were also an efficient form of resistance.
The asset’s RSI line showed a bearish trend, but an inflection point indicated that prices would likely rise toward the neutral line.