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Will Shiba Inu’s latest foray into the metaverse be its loudest bark yet

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The metaverse, the next iteration of social media witnessed an unprecedented demand hike. In the last few months of 2021, digital real estate prices went up 400% to 500%. A report estimated the digital world would grow into a $1 trillion business in the near future.

Choosing my own ‘verse’

Memecoin, Shiba Inu and its executives unveiled Shiba Inu’s Shiberse. As per the SHIB community, 99,000 plots of land would be launched within the cryptocurrency’s upcoming Metaverse. Out of this, 35,000 of those plots would be auctioned to $LEASH holders.

The Shiberse would be distributed in stages. According to an AMA session on 23 February, the creators behind the initiative proposed a 10-day auction of digital property consisting of 35,000 parcels. The price of land on Shiberse would vary according to its location. Land closer to the center of the park – a dog park at the center of the cryptocurrency’s metaverse – would cost more. Those with the highest locked amounts are set to be able to bid on the largest lots of land.

Here’s an example: locking 0.2 LEASH allowed users to buy a 1×1 piece of land, while locking 5 LEASH allowed for a 10×10 land. In fact, tokens must be locked to bid on the land, they cannot be used to buy it. Moreover, the land would sell for Ethereum’s native ETH coin, with prices ranging from 0.2 to one ETH based on location.

Betting on this

The ‘so-called’ meme coin took different strides to stand tall against its rivals. Various communities of whales acquired or rather placed bets in favor of SHIB. For instance, Ethereum Whales. In the last 24 hours, whales ramped up their activity in the meme token. It was currently the most traded token among top Ethereum whales for the past day.

These whales have collectively increased their average SHIB token balances by 2.63% in the same time frame, and the average value held by each wallet is up 4.44%, according to data from WhaleStats.

Having said that, these bullish narratives couldn’t aid the native token. SHIB, at press time, suffered an 18% price correction, trading close to $0.00002.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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