WEF Invites Shiba Inu to Converse About the Metaverse
WEF invites Shiba Inu to discuss its metaverse moves as the SHIB value increases
The Shiba Inu community is currently engaged in an online vote to determine whether the project will accept the World Economic Forum (WEF) invitation to collaborate on a Global Metaverse Policy. At the time of writing, more than 18,000 votes had been cast in the poll run by a SHIB developer.
Shytoshi Kusama on Twitter, with more than 60% in favor of accepting the offer for a partnership with WEF. Kusama previously stated that the metaverse–related project will also include Meta, Decentraland, and Sandbox. Sadly, despite this positive development and apparent show of trust in Shiba Inu, its SHIB token has struggled to reach higher spot trading prices. Shiba Inu is changing hands at US$0.00000903 at press time, according to the most recent tracking from crypto data aggregator Coingecko, and has already lost nearly 2% of its minimum value over the last seven days.
The ongoing bear market had already taken its toll on the meme cryptocurrency, which had to relinquish its position as the 14th largest cryptocurrency by market capitalization. Although the asset increased its overall valuation by 8% in the last 24 hours, it was not enough to reclaim its previous position on the list, as it settled in 15th place with a US$5.32 billion overall valuation. Despite this poor performance, top Ethereum whales recently demonstrated their unwavering faith in the cryptocurrency, which accounted for 3.14% of their total holdings and is estimated to be worth around US$70 million. Furthermore, the number of active addresses for the asset has increased significantly, from over 80,000 in late October to around 130,000 right now.
Shibarium Holds Out Hope
The Shiba Inu community is still waiting for Shibarium, a Layer-2 scaling solution built on top of the SHIB protocol that will allow it to function more like a standalone network. It includes a mechanism that allows coin holders to burn their tokens in the hopes of reducing the overabundance of supply. For the time being, the community will have to make do with Shiba Eternity, a blockchain-based card game that was released in September of this year. This TCG, like Shibarium, plays an important role in the burning of SHIB tokens while increasing demand, which will most likely cause its price to rise.