Shiba Inu [SHIB] has officially introduced its metaverse project after a considerable wait. The launch of this initiative could potentially propel SHIB to new heights, but will this prediction materialize?
Shiba Inu Enters the Metaverse Realm!
The unveiling of Shiba Inu: The Metaverse was recently announced by LUCIE, a well-known influencer who provides updates on developments within the Shiba Inu ecosystem. Through a tweet, key features of the new platform were highlighted. This new venture allows users to own, trade, and build virtual properties immutably recorded on the blockchain.
Moreover, individuals can create unique avatars with limitless customization possibilities to match their preferences and aspirations. Besides these aspects, there are numerous other functionalities available for users to explore as well.
Anticipated Market Response for SHIB
Following the launch of SHIB’s metaverse, the memecoin has witnessed a surge in its market value. Recent data from CoinMarketCap indicates a price increase of over 4% in the last week, with the token currently trading at $0.00002179 and boasting a market capitalization exceeding $12.8 billion.
However, a subsequent decrease in Shiba Inu’s NVT ratio has indicated a potential overvaluation of the asset, often leading to corrective price actions.
Nonetheless, buying activity surrounding the memecoin has shown a slight uptick in recent times, evidenced by a reduction in its exchange-based supply and an increase in off-exchange circulation.
Noteworthy whale activity related to SHIB has also been observed recently, which could positively influence the altcoin’s valuation. Significant uptrends in large transactions over $100,000 were previously reported, indicating a substantial increase in volume within a brief 24-hour period.
In addition, data from Coinglass highlighted an uptick in Shiba Inu’s long/short ratio over a 4-hour span, suggesting a prevalence of long positions in the market. Such a scenario generally signals growing bullish sentiment surrounding a particular token.
Currently, SHIB appears to be approaching a critical support level. A successful test of this support could potentially drive its value back up towards $0.000026. Notably, the Relative Strength Index (RSI) has also displayed an upward trend.
Conversely, failure to test the support level may result in a decline towards $0.000015 in the near future.