As the metaverse continues to grow, cryptocurrencies like Shiba Inu will continue to thrive

Shiba Inu, the meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Shiba's success sparked an avalanche of copycats, such as BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba, and countless others. In total, there may be well over 100 Shiba Inu copies, and the number keeps rising constantly.

Shiba Inu's Entry to Metaverse

After witnessing a multi-fold growth in the cryptocurrency sector within a very short period, popular meme coin Shiba Inu planned on joining the metaverse. The creators planned that they will be releasing Shiba Inu plots for purchase in the metaverse. Initially, Shiba Inu named its metaverse domain 'Shibverse' but later on changed the name of the project to SHIB – The Metaverse. The developers announced the ambitious metaverse initiative in early February to compete with other metaverse coins like The Sandbox and Decentraland. SHIB's metaverse will feature more than 100,000 plots of land, some of which are supposed to remain private.

There will be a bid event that will decide the ownership of the plots of land. Participants of the bid will have to lock their Doge Killer (LEASH) tokens to participate in the three-day event. They will also be able to participate in the seven-day stage of the sale event. Finally, the remaining land plots will be available for public sale once the two initial stages of the bidding are over. The metaverse is supposed to be developed in Shibarium, a layer-2 solution for SHIB.

The team of Shiba Inu has stated that purchasing the land will be an opportunity to generate passive income and generate rewards. Some of the other privileges that landowners will be able to unlock will be revealed in the future. In the meantime, after this announcement, the number of followers on the crypto's official Twitter account has surpassed over three million followers. Not just its followers, SHIB's prices shot up right after this announcement. Well, we can only hope that this initiative will encourage more investors to join the market and invest in Shiba Inu.

The Growth of Shiba Inu in its Metaverse Presence

Shiba Inu is a famously divisive cryptocurrency. Critics argue that it has very little real-world potential, and its astronomical growth is due primarily to hype. Its supporters, though, believe that it's more than just a meme coin as it continues to develop more utility. Though the cryptocurrency had a phenomenal run last year (and a significant rebound in recent weeks), its price has plummeted nearly 67% from its all-time high in the last year.

Shiba Inu revealed on Twitter that it was entering the metaverse with Shiberse. Developers also recently announced Shiba Lands, which will allow users to buy virtual real estate within the Shiba metaverse. With Shiberse, Shiba Inu is aiming to compete with pure-play metaverse projects such as The Sandbox and Decentraland. These projects exist solely within the metaverse. If the metaverse continues to grow, these cryptocurrencies as well as Shiba Inu could thrive.

Shiba Inu had picked up momentum just a week back when it soared by 35% following the news of the Robinhood listing. The broader market currently exhibits weakness as Bitcoin continues to struggle beneath the US$40,000 mark. Ethereum also was priced at US$2900 at press time. The king altcoin was rejected from the US$3000 level over the past trading sessions. The meme-coin is consolidating at the moment. SHIB has been sandwiched between US$0.00003000 and US$0.00002000 respectively.

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