Shiba Inu (SHIB) Rallies After Announcing Plans to Enter Metaverse
Aiswarya Gopan • 2 min read
The world’s second favorite memecoin Shiba Inu (SHIB) is on quite the rally as it gears up for an entry into the exciting world of the metaverse, offering its users and investors more value. At the time of writing, SHIB/USD is trading around $0.000034. up by nearly 60% over the past one week.
On Tuesday, the developers behind the meme token confirmed that they were in the early stages of developing a Shiba Inu Metaverse, codenamed as Shiberse. They also let on that they will announce the real name of the initiative later this month.
More on Shiba Inu’s Metaverse
Like Decentraland and The Sandbox, the memecoin’s metaverse will allow users to purchase and auction Shiba Lands within its ecosystem. The developers shared that they are working on a fair queue system which will prevent bots and gas wars from taking advantage of the upcoming venture.
In the proposed system, Shiba Inu’s developers will find ways to give priority to interested users who own LEASH tokens to purchase land plots in the metaverse. They are also coming up with an anti-dump system to protect the interests of LEASH investors. After the exclusive sale ends, Shiba Inu’s metaverse will open up for public sale of its virtual land plots.
An entry into the metaverse will give the Shib Army more power and value from their holdings. The excitement has been building up ever since the team made this announcement and hinted at interesting partnerships coming up as well, taking the SHIB token higher.
SHIB/USD Technical Analysis
Taking a look at the H4 price chart of SHIB/USD, we find a strong bullish bias among moving averages and the momentum indicator. However, the MACD suggests some selling interest in the market too.
Shiba Inu is trading well above the pivot point at $0.000025 and has crossed the first resistance at $0.000031 too. Let’s see if buyers can take SHIB past the second resistance coming up at $0.000034 soon.