Shiba Inu Kicks Off Metaverse Project; SHIB Rallies 14% In The Last 7 Days

Despite the backlash it receives from cryptocurrency analysts, the Shiba Inu meme coin continues to make a loud noise, and on March 30, it revealed additional details regarding its own metaverse, which will be appropriately named SHIB.

The project currently has more than 3 million followers on Twitter, which the development team attributes to a new degree of achievement.

The team says that by launching its own metaverse venture, it will help position Shiba Inu for advancement.

Shiba Inu Marks Territory In The Metaverse

SHIB: The Metaverse is a virtual world with about 100,595 plots of virtual land and four unique districts.

In a tweet, SHIB said:

“We would like to extend a warm welcome to SHIB: The Metaverse. An immersive experience that has the potential to expand into a large setting in which the Shib Army may learn, share, and benefit.”

In a blog post captioned in the announcement, the Shiba Inu team describes SHIB: The Metaverse as the fulfilment of the community’s history, visually portrayed in a layer of stunning graphics that highlight its inventiveness and cohesion while providing a place to call home.

Using the name “SHIB: The Metaverse” to honor the Metaverse would not only establish the project’s identity, but it would also allow the community to focus on its basic ideals.

SHIB Price Action

As this developed, the profitability of the second-largest meme cryptocurrency, Shiba Inu (SHIB), has climbed to 46% from 35% earlier in March, according to IntoTheBlock data.

The meme coin is currently trading at $0.000027, down from March 28 peaks of $0.0000296. SHIB has increased by 14% in the last week, according to CoinMarketCap data.

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SHIB total market cap at $15.024 billion on the daily chart | Source: TradingView.com
Whales Hoard Billions In SHIB

Meanwhile, unidentified whales acquired billions of Shiba Inu tokens this month, despite a 30% run, according to WhaleStats.

The first whale, who accumulated 420 billion SHIB, engaged in two significant transactions. Three hours before the second transaction, valued $7.3 million, the first transaction was worth $4 million.

The second whale, who bought a lower quantity of Shiba Inu tokens, completed a single transaction valued at around $1.3 million.

Shiba Inu Maintains No. 15 Spot

The joke cryptocurrency remains in 15th place in terms of market value, having increased to $15.8 billion, according to Coingecko.

Shiba also announced the launch of a new domain, SHIB.io, which will serve as the home for the Shiba Inu Metaverse and the community’s future expansion.

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Featured image from Coingape, chart from TradingView.com