How Will SHIB’s Entry Into the Metaverse Affect MANA, AXS & SAND?
The one thing that the crypto-verse had been expecting for quite a bit was a doggy-themed Metaverse. Shiba Inu, the most popular Dogekiller in the market acted upon the same and announced its grand entry in the Metaverse space.
Developers behind the meme coin stated that the protocol would soon offer plots of virtual lands called ‘Shiba Lands’ in an upcoming, but unnamed metaverse.
The same caused a considerable price uptick for both SHIB and LEASH tokens, as presented in a previous article.
Shiba’s Metaverse Saga Begins…
In 2020, the Metaverse was worth approximately $47.69 Billion with coins like Decentraland (MANA), Axie Infinity (AXS), and The Sandbox (SAND) leading the market. After Facebook’s Meta rebrand, MANA was the first to rally followed by Enjin Coin (ENJ) and SAND.
In the blog post shared by Shiba Inu developers, they said:
“The Metaverse is set to be one of the biggest areas within crypto for many to enjoy, while others will produce content and developers will set up shops within using it as another great resource to offer crypto communities incentivization, content, and regular royalties.”
Just like Sandbox and Decentraland introduced virtual real estate, Shiba Inu came up with its own Metaverse real estate called ‘Shiba Lands’.
These “lands” are set to be found inside the Shiberse and will be available for purchase/auction ‘really soon,’ as stated by the blog.
The involvement of Doge Killer (LEASH), since the LEASH token gives priority and exclusive access to the first selling phase of the land plots has pushed the token’s price up by 40.05% over the last day.
While SHIB and LEASH saw decent pumps, what will be the fate of top Metaverse tokens like MANA, AXS, ENJ, SAND, and others?
SHIB to Challenge Metaverse Tokens?
Shiba Inu, for now, ranks 13 by market cap noting an over 60.22% gain in the last week. Interestingly, Shiba’s market cap is higher than most of the Metaverse tokens. Even the top Metaverse token, MANA, at press time ranked 30 (more than 15 positions behind SHIB) noting a 29.71% gain over the last week.
While due to the larger market momentum most of the altcoins including Metaverse tokens seemed to rally, the question of the hour was whether SHIB could challenge the monopoly of major Metaverse tokens.
As per data by WhaleStats, SHIB was back on the top 10 purchased tokens list and was also the topmost used smart contract by 1000 biggest ETH whales in the last 24hrs.
JUST IN: $SHIB is back on top 10 purchased tokens and top most used smart contracts by 1000 biggest #ETH whales in the last 24hrs 👏👏
Woof! Woof! #ShibArmy let's make some noise 😉
Whale leaderboard: https://t.co/28TDZ6JFiD pic.twitter.com/0w3fHYkXim
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) February 9, 2022
For now, SHIB’s higher market cap and better social media outreach in terms of followers and positive sentiment seemed like it could threaten the monopoly of top Metaverse tokens.
However, it should be kept in mind that SHIB’s narrative as a meme token would act as a drawback. Furthermore, SHIB’s highly volatile price action and larger downtrend in the last year could act as a hindrance for its larger narrative.
That said, it is also notable that when talking about Metaverse developments, external news always pumps prices of Metaverse tokens in general. On the other hand, ecosystem-centric developments and collab or partnership news pump Metaverse tokens individually.
For now, looking at the rise in the price of the Metaverse tokens, it seems like their prices reacted positively to SHIB’s Metaverse news.
As of now, the name of the Shiba Inu Metaverse remains undecided but some decent pump in SHIB prices could be expected after the same is announced.
This article was originally posted on FX Empire
