Shiba Inu gets a new metaverse update, but can it help SHIB go up?

• Shiba Inu’s NFT ecosystem witnessed growth last week
• A few metrics suggested that a trend reversal can be expected soon 

Shiba Inu’s ‘SHIB the Metaverse’ recently unveiled its new concept art, named Dunes. After several weeks, a new update was revealed which looked promising for the much-awaited metaverse project. 

Not only this but a new Tech Trench concept was also revealed. The Tech Trench setting is modeled around an immersive trench from antiquity that has advanced into a highly technological area.

The official announcement mentioned, “This hub allows for a deeper connection with cultural reassurance and lessons learned from the innovative and daring journey SHIB as a project & community has endured.” 

Read Shiba Inu’s [SHIB] price prediction 2023-24

Is Shiba Inu growing in bear market?

Apart from the developments in the SHIB metaverse, several more updates looked positive for the Shiba Inu ecosystem amidst this current bearish market condition.

For instance, PawZone, a member of the Shiba Inu community, recently announced that they are currently putting all their attention on Pawzaar, the NFT marketplace, created for the Shibarium network. A lot of progress has already been made, and they will soon reveal the work they have done. 

On the other hand, Santiment’s data showed that SHIB’s NFT ecosystem witnessed growth over the last week. The total number of NFT trade counts along with the total NFT trade volume in USD spiked over the past seven days, which was a positive signal.

Source: Santiment

However, the question is- Will the metaverse updates and growth in the NFT space be enough to provide aid to SHIB? 

Yes/No

SHIB’s performance has not been impressive lately, as it has failed to register any upticks, thanks to the bearish market condition.

According to CoinMarketCap, SHIB’s price decreased over 6% in the last seven days, and at press time, it was trading at $0.000009138. Interestingly, things might soon change in favor of SHIB as several of the on-chain metrics were in favor of the buyers. 

CryptoQuant’s data revealed that SHIB’s exchange reserve was decreasing, which was good news as it indicated less selling pressure. Moreover, SHIB’s stochastic was in an oversold position, further increasing the chances of a price surge in the days to follow. 

Interestingly, the whales’ confidence in SHIB gave further hope to investors. According to WhaleStats, SHIB topped this list of cryptos that the top 5000 Ethereum whales were holding. 

Furthermore, SHIB’s MVRV Ratio went up last week, which was yet another bullish signal. And, the daily active addresses also spiked over the last few days, reflecting a larger number of users in the network.

Source: Santiment