Money and Markets

Shiba inu developers unveil plans to enter the metaverse with their 'shibverse' project

Business Insider US

The shiba inu token has surged in recent weeks and now sits just outside the top 10 cryptocurrencies in market capitalization, according to CoinMarketCap.
Jakub Porzycki/Getty Images
  • The team behind shiba inu announced its plans to create a metaverse on Twitter on Monday.
  • The shiba inu token rallied on Tuesday, lifted by dip-buying along with the rest of the crypto market.
  • This is the latest metaverse project to be announced as analysts predict it could become an $8 trillion market.
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The developers of shiba inu offered a first sneak peak of their metaverse project on Monday, posting an image from their very own "shibverse" on Twitter, triggering a rally in the meme cryptocurrency on Tuesday.

Shiba inu rebounded along with other altcoins in a broad crypto recovery. It was last up 9% at $0.00002105, up for the first time in three days, although it still held near this week's three-month lows.

The team touted their plans for a metaverse back in November in a blog post by developer Shytoshi Kusama. "I believe for a 'metaverse' to be more than a bent infinity symbol, and a way to extract your data, it must provide real value to users and to do so requires a certain foundation that is built prior to the release of the technology," Kusama wrote.

So, when shiba inu announced this on the back of other projects and after a year in which retailers welcomed accepting it as a payment option, this was in keeping with the promise to "provide real value to users." That includes the decentralised autonomous organisation they announced at the beginning of January, which will give shiba inu holders voting rights over crypto projects and method for distributing awards called $BONE.

The idea of the metaverse, which is widely attributed to author Neal Stephenson, grew in popularity in 2021 and Grayscale announced that the metaverse had the potential to become a $1 trillion market opportunity, while Goldman Sachs analyst Eric Sheridan wrote in December that the virtual world could be worth $8 trillion.

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