Shiba Inu [SHIB] community gets metaverse invite; decoding the details

• The World Economic Forum had invited Shiba Inu to participate in discussions around the metaverse
• A look at the price chart showed that SHIB ticked, but not enough to spark a rally yet

Shibarium, the platform’s metaverse initiative, had been eagerly anticipated by the Shiba Inu community. Despite being granted Shiba Eternity, they have been made to wait for what seemed like an eternity to start their metaverse endeavor.

But the community was just informed of another metaverse project that Shiba Inu had been asked to work on. What is the nature of this specific project, and how did SHIB respond?

Metaverse… but not Shibarium

On 23 November, Shiba Inu’s lead developer Shytoshi Kusama tweeted that Shiba had been asked to work on several policies by the World Economic Forum. Shytoshi clarified that the project had received an invitation to work with the economic body on “MV global policy.” As he continued to say that Decentraland, Meta, and Sandbox were involved in this partnership, the MV would infer the metaverse.

The community will vote on whether or not to accept the offer. Over 18,000 votes had been cast as of the time of this writing, with more than 60% of the followers of the developer, who has over 850,000, voting in favor of accepting the offer.

Some key metrics

Recent data from Whalestats showed that 3.14% of SHIB was among the top Ethereum holders’ holdings. The holding is estimated at around $70 million. The holdings are another sign of significant investors in the project.

Additionally, according to data from CoinMarketCap, the market cap increased by more than 8% over the last 24 hours. However, the data also showed that the trading volume had decreased by 100% over the previous 24 hours.

Source: WhaleStats

Shiba’s active address over the past 30 days revealed that there had also been an increase. The Santiment metric revealed that there had been an increase in the number of active addresses. The figure was around 1,30,000, at the time of writing, up from the 80,000 range it was in late October.

Source: Santiment

However, based on the Market Value to Realized Value that was visible on Santiment, Shiba holders were holding at a loss.

According to Santiment data, holders who purchased the token within the last 30 days suffered a loss of 12.5%. Investors who purchased during this time frame would currently lose over 12% if they choose to sell.

Source: Santiment

SHIB price ticks

SHIB’s price responded favorably to this most recent news, as evidenced by a review of its daily timeframe price movement. It had increased by more than 2% over the trading time that could be seen.

It was also clear that it ended the preceding session with a gain of more than 4%. On the chart, SHIB’s price had been moving sideways, but the support line was visible around $0.000008. Additionally, it could be seen that it had broken through the support and descended before rising again.

Source: TradingView

Above the price movement of SHIB, the 50 (yellow line) and 200 (blue line) Moving Averages could be noticed. They also worked well as resistance at about $0.00001.

Although the inflection would indicate a potential advance toward the neutral line, the Relative Strength Index (RSI) line also indicated that the asset was on a bearish trend.