Shiba Inu Unveils its Metaverse Project, But Investors Do Not Seem Excited
The team behind the popular meme coin shiba inu (SHIB) has unveiled their anticipated metaverse project dubbed "SHIB: The Metaverse," a virtual world that would contain more than 100,000 land plots. However, investors are ostensibly not excited by the announcement as SHIB has seen a relatively small move higher.
At 7:14 UTC on Thursday morning, the 15th coin by market capitalization SHIB has gained 2.7% over the past 24 hours, which is not an impressive move given that the meme coin has a history of delivering triple-digit gains in a day.
Overall, it's up 13.3% in a week, 8% in a month, and 48,589% in a year. It's currently trading at USD 0.0000277.
As for other coins in the Shiba Inu ecosystem, LEASH is down nearly 10% in a day to the price of USD 1,571, and it's up 26% in a week.
BONE is down 1.8% in a day and 4% in a week, now trading at USD 0.7.
Revealing details of the metaverse, the Shiba Inu team said there would be 100,595 land plots, some of which will remain private. Land plots will be released gradually and in phases.
In the first phase, 36,431 plots will be unlocked, which will be divided into four categories of Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth based on their value. These land plots are priced between ETH 0.2 (USD 680) and ETH 1 (USD 3,400).
Notably, the team has priced lands in Ethereum's native token ETH, saying that they have decided to use “neutral cryptocurrency” as a land pricing token to ensure there is no downside risk to Shiba native coins, and adding:
"Using our Ecosystem Tokens is a risk, as we would need to dump our own tokens price cashing them! And that's far away from our plans."
The team also mentioned some of the benefits of buying land in their metaverse, claiming that
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