Shiba Inu Is Going to Burn Some Coins and Enter the Metaverse
Despite a big price drop in recent weeks, Shiba Inu is the latest cryptocurrency project to express a desire to enter the metaverse sector.
Shiba Inu is one among the world’s biggest cryptocurrencies, having surged since the beginning of the year. It is also the world’s second largest meme coin, and it now wishes to increase its influence in the cryptocurrency industry.
Shiba Inu Will Have Massive Burns
Shiba Inu, one of the world’s most popular meme currencies, is set to be massively burned in the coming weeks. The burn will lower the total quantity of SHIB coins in circulation. There are now 589,736,561,989,744 SHIB tokens in circulation.
Ryoshi, the founder of Shiba Inu, indicated that the burn will open the way for the project to join the metaverse region. Because of the arrival of social media behemoth Facebook, the metaverse field has become one of the fastest-growing in the cryptocurrency industry.
Ryoshi said that The Shiba Inu Core Devs (SICD) is working on constructing its “Oshiverse” metaverse.
”The anonymous developer stated that “We are working on so many aspects of Shiba Inu including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and much more that won’t become evident until the near future.”
SHIB Continues to Underperform
In recent months, Shiba Inu has underperformed. SHIB’s value has decreased by more than 40% in the last month. SHIB is presently trading at $0.0000358, down more than 50% from its all-time high set a few weeks ago. SHIB’s value has surged by 375 percent in the last three months.
However, according to SHIB’s technical indications, the cryptocurrency is now underperforming. The RSI of 38 indicates that SHIB is approaching oversold territory. Meanwhile, the MACD line is below the neutral zone, and SHIB is trading at $0.0000478, which is below its 50-day moving average.
If the present trend continues, the value of SHIB might fall in the next hours. Unless the market recovers, the cryptocurrency might go below $0.000030 in the following hours and days.