Shiba Inu enters the metaverse, but will it help the price?
Meme coin Shiba Inu recently announced its move to the metaverse. The ‘Shibverse’ as it is being called will usher the cryptocurrency into a thriving space, presumably to provide more usability for the digital asset. This news is undoubtedly well received by the community as it allows SHIB to participate in what is a thriving industry. But how has the digital asset price reacted so far?
Shiba Inu Announces Shibverse
Shiba Inu, one of the most popular meme coins and winners of 2021, announced that it would make its debut in the metaverse with the Shivers. It comes as no surprise as the team is forthcoming to work on more use cases for the cryptocurrency. Earlier, the Shiba Inu team had announced that it was launching its own game, where SHIB will serve as the utility token.
Related literature | Ethereum Bullish Signal: Number of Holders with 1 ETH Hits New ATH
The announcement tweet included a preview of the metaverse, which featured a high-resolution photo of the popular Shiba Inu dog breed standing in the middle of the woods with what looks like a pickaxe in its mouth.
As promised, we are so excited to announce our first special surprise of the year #ShibArmy!
In 2022 we will reach new heights and welcome the #Shiberse . An immersive experience for our ecosystem and the Metaverse space!
We can’t wait to show you more. Impact! 🐶 pic.twitter.com/tCRQ1m1RiT
— Shib (@Shibtoken) January 24, 2022
Given the popularity of the metaverse in recent months, it’s no surprise that more established projects are entering the space. Social media giant Facebook (now meta), is one of the most notable newcomers, renaming his name and image to fit his future mission. the retail chain, walmarthas also made strides in the metaverse according to a number of patent applications that have been made public.
How did SHIB fare on the charts?
Following the announcement of Shibverse, the price of the digital asset reacted positively. One thing to note is that SHIB has been in a downtrend since it hit its all-time high last year and has continued on this path. News like this is expected to help the value of coins like Shiba Inu, but the cryptocurrency seemed adamant about continuing its downward journey.
SHIB trending at $0.00002 | Source: SHIBUSD on TradingView.com
The announcement had caused a small rally in the altcoin’s price, pushing it above the $0.0000225 point. However, this would only prove to be temporary as it went further down.
Related literature | Ethereum whales quietly filled with ETH as the broader market panicked
Sentiment for the meme coin remains firmly in bearish territory, which is not good news for the long-term performance of the digital asset. In addition, the majority of Shiba Inu holders are now at a lossmaking it a less than profitable venture for crypto investors.
In the past 24 hours, SHIB has continued to fall to a low, reaching as low as $0.00002. With the new week ushering in and the market starting to open up, there may be an upward trend in asset prices, although it is unlikely to be significant in any way.
Featured image of Thewistle, chart from TradingView.com