- A recent tweet highlighted the features that Shiba Inu: The Metaverses brings with it
- At press time, SHIB’s weekly chart was green, with buying pressure on the token rising too
Shiba Inu [SHIB] has finally announced the launch of its metaverse, which was due for release for a long time. This launch has the potential to push SHIB to the moon, but will that actually happen?
Shiba Inu: The Metaverse is here!
LUCIE, a popular X handle that shares updates related to the Shiba Inu ecosystem, recently shared a tweet revealing the launch of Shiba Inu: The Metaverse. The tweet also highlighted a few crucial features of this new platform. With this launch, people can own, trade, and develop virtual real estate recorded on the blockchain.
They can also craft personalized avatars with endless customization options that reflect your style and vision. Apart from these, there are several other features that users can access too.
How will SHIB react?
As SHIB’s metaverse launched, the world’s second largest memecoin pushed its price up. For instance, CoinMarketCap’s data revealed that the token’s price moved up by more than 4% in the seven days. At the time of writing, the token was trading at $0.00002179, with a market capitalization of over $12.8 billion.
However, after a decline, we found that Shiba Inu’s NVT ratio started to go up. Whenever that happens, it means that an asset is overvalued, resulting in price corrections.
Source: Glassnode
Nonetheless, buying pressure on the memecoin increased slightly in the recent past. This was evidenced by the drop in its supply on exchanges and the rise in its supply outside of exchanges.
SHIB whales have also been active lately, which can have a positive impact on the altcoin’s price. In fact, AMBCrypto reported previously that volumes for large SHIB transactions exceeding $100,000 increased from 1.07 trillion to 3.75 trillion – Representing a three-fold hike within 24 hours.
Source: Santiment
Additionally, Coinglass’ data revealed that Shiba Inu’s long/short ratio registered a sharp uptick on the 4-hour timeframe. This gave an indication that there were more long positions in the market than short positions, which usually means an uptick in bullish sentiment around a token.
At the time of writing, SHIB seemed to be approaching a support level. If SHIB manages to test that support, then it might boom again and move towards $0.000026 again. The odds of that happening might be high as the Relative Strength Index (RSI) also moved north.
Read Shiba Inu’s [SHIB] Price Prediction 2025–2026
However, if the token fails to test the support, it might as well drop to $0.000015 in the coming days.
Source: TradingView
