The developers of the Shiba Inu (SHIB) cryptocurrency shared a teaser of their metaverse project on Monday, posting an image of their own “shiberse” digital world on Twitter, sparking a rally for the price of the same cryptocurrency. SHIB started out as a “meme”, but it’s no longer a joke. Inspired by a dog meme and billed as a “Dogecoin killer”, SHIB’s value skyrocketed in 2021 and SHIB developers want to remove the “memecoin” tag with the launch of its own metaverse.
Since October, when Meta (formerly Facebook) announced the concept of digital world, other tech titans have also bet on the metaverse concept. For the uninitiated, the metaverse relies on the concept of the Internet incarnate, which blends the real and virtual worlds more than ever.
Shiba Inu’s announcement comes amid the crypto market crash. But after the announcement, SHIB rebounded along with other altcoins in a broad crypto recovery. It last rose 9%, an increase for the first time in three days.
As promised, we are delighted to announce our first special surprise of the year #ShibArmy!
In 2022, we are reaching new heights and welcoming #Shiberse 🌎. An immersive experience for our ecosystem and the Metaverse space!
We can’t wait to show you more. Weft! 🐶 pic.twitter.com/tCRQ1m1RiT
What is ‘Shiberse’?
Shiberse will provide an immersive experience for users to escape into the metaverse. The ad features a Shiba Inu dog in the middle of a forest with a hammer in its teeth. The Shiberse would be the year’s first release of Shiba Inu plans to add to its ever-growing and expanding ecosystem. He also announced partnerships that would see the project make an entry into GameFi and non-fungible tokens (NFTs).
As of now, only limited information is available on the Shiberse concept, the SHIB team on Twitter noted that more details about the project will be released in the near future.
In November last year, the SHIB team showcased their metaverse plans in a blog post by developer Shytoshi Kusama. “I think for a ‘metaverse’ to be more than a bent infinity symbol and a way to extract your data, it has to provide real value to users, and to do that it takes some base that is built before the release of the technology,” Kusama wrote.
‘Shibverse’ powered by Shibarium
Recently, SHIB announced the launch of its own Blockchain called Shibarium. Blockchain technology is suitable for the metaverse because it offers a transparent and profitable alternative. And cryptocurrency in general fits right in with the idea of the metaverse.
After all, crypto is completely independent of real-world fiat currencies, both in terms of value and physical form, making it a convenient mode of payment and transactions in the virtual world.
Shibarium is expected to provide SHIB users with new features such as reduced gas fees. Gas fees are paid to process and validate transactions in a crypto ecosystem and have become a huge problem for blockchain. However, there is no exact date for the launch of the new development.
SHIB was the most viewed crypto in 2021, beating Bitcoin and even Ethereum, cryptocurrency price-tracking website CoinMarketCap announced. According to CoinMarketCap, spin-off Dogecoin has had over 188 million views in the past 12 months, while apex cryptocurrency Bitcoin came in second with 145 million views in 2021. It should be noted that SHIB is currently the 13th largest cryptocurrency in the world, with a market cap of over $20 billion.