The entry of Shiba Inu into the Metaverse was viewed as a joke by certain members of the cryptocurrency community. After all, how is it possible for a coin with a dog motif but no practical use to declare that one of its goals is to create a Metaverse? Despite this, Shiba Inu never wavered in his commitment to the task (according to the latest update).
On September 3, SHIB made public the news that it has taken a significant step in achieving its Metaverse aim. The official blog for Shiba Inu disclosed that its WAGMI (We’re All Gonna Make It) Temple has been gaining ground.
Are SHIB There Going to Be Enough of Us to Survive?
Regarding the specifics of the project, the statement from Shiba Inu indicated that they were looking at numerous architectural plans from six different municipalities. Earlier designs of the meme coin showed that it included regions such as Myanmar, South Africa, Hawaii, Japan, New Delhi, and Beijing marked on it as places to draw inspiration from.
During this time, SHIB has stated that the community is given approval powers. During the time when this news was being published, the majority of people in the Shiba Inu community agreed. Despite this, there was no significant increase in the price of SHIB after the upgrade.
According to data provided by Coinmarketcap, SHIB has experienced a loss of around 0.17% over the course of the last day, despite the fact that its volume has climbed to $305.37 million. Similar patterns were indicated by its burn rate, which resulted in the loss of 47.19% of the 69.087.019 $SHIB that was consumed over that timeframe.
In spite of this, do the events that have transpired fit the WAGMI narrative? At this time, the fog continues to blanket the roadway. Fans of cryptocurrency should think about Shiba Inu maintaining its position as the largest holder of Ethereum whale funds. Because the project is still in its early phases, it may be premature to evaluate the impact it will have in the future.
In addition, the findings of Santiment demonstrated that the measures utilized within the Shiba Inu ecosystem are relatively inconsistent. In the same period of time, the number of 24 hour active addresses fell all the way down to 4939, and the circulation of SHIB fell to 1.9 trillion.
Taking into account these adjustments, it is possible that SHIB will observe upsides in the days to come. In the meanwhile, market participants can keep an eye on Bitcoin to see how its behavior affects the momentum of the market. The current situation of Bitcoin lends credence to bearish forecasts regarding the market.
Following a decrease of 0.54% over the course of the previous day, the benchmark cryptocurrency was trading for close to $19,730.01 at the time of this writing. Bears appear to be limiting upsides, and it is possible that bearishness will extend. In a climate like this, alternative tokens have been put at a disadvantage. It is highly unlikely for a Shiba Inu to resurrect in the midst of such tendencies. The upcoming sessions will reveal the current state of the market.