Shiba Inu moving beyond a meme coin with metaverse plans
Shiba Inu ($SHIB) – the meme coin inspired by Dogecoin ($DOGE) is heading into the metaverse. $SHIB and $DOGE have a collective market cap of over $37B — each with little utility beyond being a meme — but Shiba’s creators want to change that.
Memecoin meets metaverse: Shiba’s creators first announced their metaverse plans in February — incorporating sibling tokens, $LEASH and $BONE, into the world.
Last week, Shiba Inu developers revealed details for its metaverse:
- The metaverse will consist of 100,595 plots of virtual land.
- They will sell each plot for 0.2-1 ETH (~$700-3500 USD).
It’s uncertain what investors can do with these lands. Like other metaverses, creators are selling land, collecting cash and hopefully building — with investors happily funding these projects — at least until the hype lasts…
Declining metaverse interest: Transaction volume in the metaverse has steadily fallen from its $342M peak last November to $3.3M last week — less than 1% of its peak volume.
“Metaverse” Google searches have also trended down from their peak last October. Laughing stock of the Twitter-verse — also gave investors a bad taste of the metaverse.
- After raising $70M in funding, NFT game Pixelmon was trashed after releasing disappointing NFT models.
- From what was promised, the actual models looked completely different.
There’s also no shortage of competition. Meta (NASDAQ:FB) is building out its own metaverse, Yuga Labs, owner of Bored Ape Yacht Club and CryptoPunks, is also launching its own metaverse.
Let’s hope Yuga and Shiba don’t disappoint as Pixelmon did.