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Metaverse: Shiba Inu is on the rise

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Lately, the Shiba Inu meme token has been known as an extremely volatile crypto-currency. As of today, the dog-themed token was up 3.4 percent, mainly due to speculation around the metaverse.

The move occurred on Monday morning, when the crypto market has appeared to be more stable. The majority of major crypto-currencies are up today, with some even moving into positive territory for the week.

shiba inu metaverse

The main driver of Shiba Inu’s current popularity appears to be curiosity about this meme token’s function in the metaverse. Shytoshi Kusama, a Shiba Inu ambassador, wrote on Medium this weekend about a possible play in the Shiba Inu metaverse. Following this news, it appears that investors are now more bullish about Shiba Inu.

“Large scale cooperation”.

It’s conceivable that the Shiba Inu development team is thinking about forming a large-scale cooperation to create an online game. William David Volk, a well-known video game creator, selected as a collaborator for this project.

William David Volk has a lot of expertise in the video game industry. Indeed, his 36 years of experience include a senior management position at Activision Blizzard and a variety of high-profile initiatives that have investors enthusiastic about the collaboration’s possibilities.

Furthermore, the letter implies that the game’s blockchain version, which is presently being developed, will eventually employ Shiba Inu’s decentralized network, bringing Shiba Inu into the metaverse. All of the hype surrounding the metaverse right now could create some substantial speculative impetus in the short future.

When compared to the price activity on most days last month, today’s surge of 3.4 percent at 9 a.m. ET is a notable improvement for this dog-themed token. In fact, Shiba Inu’s value has decreased by nearly 45 percent in the last month.

The relative lack of utility of Shiba Inu is one of the most common concerns among investors. Indeed, there’s not much under the hood outside being a meme token with a lot of excitement and a large and growing community. According to several reports, Shiba Inu has the fewest active deposits of any significant project.

The coin, which has a decentralized exchange, will be accepted for payments by significant corporations like AMC Entertainment Holdings. Moreover, it has recently topped 1 million wallet holders.

For MetaNews.

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Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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