After much anticipation, Shiba Inu [SHIB] has officially launched its metaverse, setting the stage for potential unprecedented growth. The question on everyone’s mind is whether this will truly propel SHIB to new heights.
The Arrival of Shiba Inu Metaverse
LUCIE, a well-known X figure within the Shiba Inu community, recently took to Twitter to announce the introduction of Shiba Inu Metaverse. The tweet shed light on the key features of this new platform, where users can engage in ownership, trading, and development of virtual properties that are securely stored on the blockchain.
Furthermore, users have the freedom to create unique avatars, offering a plethora of customization options to match their individual style and preferences. Alongside these features, there are numerous other functionalities that users can explore within the metaverse.
Market Response to SHIB’s Metaverse Initiative
Following the launch of SHIB’s metaverse, the meme coin experienced a notable surge in its value. According to data from CoinMarketCap, the token witnessed a price increase exceeding 4% over a seven-day period. As of the latest update, SHIB was trading at $0.00002179, boasting a market capitalization surpassing $12.8 billion.
However, a subsequent decline was observed in Shiba Inu’s NVT ratio, indicating a potential overvaluation of the asset and hinting towards imminent price corrections.
Despite this, there has been a marginal uptick in buying pressure surrounding the meme coin in recent times, as evidenced by a decrease in its supply on exchanges and a simultaneous rise in off-exchange circulation.
Furthermore, notable activity from SHIB whales has been noted, potentially influencing a positive shift in the altcoin’s price trajectory. Reports indicated a significant surge in large SHIB transactions surpassing $100,000, surging from 1.07 trillion to 3.75 trillion within a span of 24 hours.
In addition, data from Coinglass highlighted a substantial increase in Shiba Inu’s long/short ratio on the 4-hour timeframe, reflecting a growing preference for long positions over short positions, typically indicating a bullish sentiment towards the token.
As of the latest update, SHIB appeared to be approaching a crucial support level. Successful testing of this support could potentially drive SHIB’s value towards $0.000026 once again, especially with the Relative Strength Index (RSI) showing a positive trend.
However, failure to hold the support level could lead to a decline, with the token potentially dropping to $0.000015 in the near future.