Shiba Inu’s Deep Slumber: Why SHIB Needs More Than Metaverse to Wake Up
Some players in the crypto community took Shiba Inu’s jump into the Metaverse as a joke. After all, how can a canine-themed coin without real-world usage claim Metaverse was among its objectives? However, Shiba Inu remained dedicated to the mission (according to the latest update).
SHIB revealed that it took a massive step toward the Metaverse goal in early September 3. Shiba Inu’s official blog revealed its WAGMI (We’re All Gonna Make It) Temple saw momentum.
Are We All Going to Make It?
On the project’s detail, Shiba Inu’s communique confirmed looking at multiple architectural plans from six different towns. Early sketches showed the meme coin marked Myanmar, South Africa, Hawaii, Japan, New Delhi, and Beijing as regions to draw inspiration.
Meanwhile, SHIB stated that the community has approval powers. While publishing this news, most individuals in the Shiba Inu community agreed. Nevertheless, SHIB’s price didn’t witness a rally after the update.
Coinmarketcap shows SHIB lost approximately 0.17% within the past day, even as its volume increased to $305.37 million. Its burn rate revealed similar patterns, surrendering 47.19% to 69,087,019 $SHIB burned during that timeframe.
Nevertheless, are these happenings match the WAGMI narrative? The road stays foggy at the moment. Enthusiasts should consider Shiba Inu keeping its top spot in Ethereum whale holdings. Also, it could be too early to judge the project’s effect as it remains in its infancy stages.
Furthermore, Santiment showed metrics within the Shiba Inu ecosystem are somewhat contradicting. While the 24hr active addresses plummeted to 4939, SHIB’s circulation dropped to 1.9 trillion within the past day.
Considering these changes, SHIB may note witness upsides in the upcoming days. Meanwhile, market participants can watch Bitcoin as its actions influence the market momentum. BTC’s current state supports the downside narrative for the market.
The bellwether crypto changed hands near $19,730.01 at this writing, following a 0.54% dip within the past day. Bears seem to restrict upsides, and bearishness might extend. Such an environment has seen alternative tokens suffering. Shiba Inu would hardly resurrect amid such tendencies. Upcoming sessions will tell what the market has.
Stay around for the latest crypto news.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
