The Shiba Inu developers offered a first look at their Metaverse project on Monday, posting a picture of their own “Shibverse” on Twitter, sparking a rally in meme cryptocurrency on Tuesday.
Shiba inu rebounded along with other altcoins in a broad cryptocurrency recovery. It rose 9% at $0.00002105, up for the first time in three days, although it held near three-month lows this week.
The team went public with their plans for a metaverse in November in a blog post by developer Shytoshi Kusama. “I believe a ‘metaverse’ is 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 you need some basis that is built before the technology is released,” writes Kusama.
When shiba inu announced this after other projects and after a year of retailers agreeing to accept it as a payment option, it fulfilled the promise of “bringing real value to users”. As a decentralized autonomous organization announced in early January, which will give supporters of Shiba’s right to vote on crypto projects & awards distribution method called $Bone.
The metaverse idea, which is widely credited to author Neal Stephenson, gained popularity in 2021 and Grayscale announced that the metaverse had the potential to become a $1 trillion market opportunity, while analyst of Goldman Sachs Eric Sheridan wrote in December that the virtual world could be worth $8 trillion.