Shiba Inu is the latest cryptocurrency to enter the metaverse space, despite the dips in recent weeks, and this indicates a strong desire for new innovations and ventures.
Shiba Inu is one of the biggest, most popular cryptocurrencies out there right now, following its rise at the beginning of the year. It is also among the top meme coins globally – it’s now looking to expand its influence in this space as well.
Shiba Inu founder, Ryoshi has said that the burn is expected to pave the way for Shiba to enter the metaverse space. The metaverse has become one of the fastest-growing spaces in cryptocurrency since the entry of Facebook.
Ryoshi revealed that “The Shiba Inu Core Devs” is working towards developing its metaverse known as ‘Oshiverse’.“The anonymous developer stated that “We are working on all sorts of things for Shiba Inu, including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game Incubator and more.” They didn’t say anything else about it because the future is not set in stone yet.
So far, the performance of SHIBA Inu has been disappointing
The Shiba Inu meme coin has been in decline over the past month, with prices dropping by more than 40%. Shib is currently selling at $0.0000358, way down from its all-time high reached a few weeks ago. In the past three months, Shib’s price has increased by 375%.
However, the technical indicators on SHIB show that it is currently underperforming. The RSI of 38 shows that it is in the oversold region, meaning that in the near future there is likely to be an increase in price. Meanwhile, the MACD line is below the trading range and SHIB is trading below its 50-day moving average at $0.0000478.
The momentum in the cryptocurrency market could expire in the coming hours. If it does, then the value of SHIB would drop lower and continue to do so unless there’s a recovery in the market.