MEMECOIN Shiba Inu soars after developers announce that the cryptocurrency would be entering the metaverse.
Shiba Inu one Tuesday became the world’s 13th most valuable cryptocurrency after its value shot up by 12%, according to Fortune.
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The coin has reached a total weekly gain of 52%, with a market valuation of $17.9 billion.
The surge in valuation came shortly after Shiba Inu’s developers announced that the meme coin would begin offering virtual plots of land in a new metaverse that has yet to be named.
The metaverse is a term used to typically describe a virtual platform that users can enter for socializing and interaction.
However, more recently the metaverse has been doubling as a virtual marketplace for users to purchase non-fungible tokens (NFTs) and other digital goods, typically depending on crypto as the means of currency.
“The Metaverse is set to be one of the biggest areas within crypto for many to enjoy…using it as another great resource to offer crypto communities incentivization, content, and regular royalties,” Shiba Inu developers wrote in a blog post.
The developers said they are currently researching ideas and designs for their metaverse and are expecting to drop the name of the digital world sometime this month.
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They also revealed some details on their virtual plots, dubbed Shiba Lands, saying that they will available in their metaverse for purchase and auction soon.
The company is planning to employ a “queue system” to aid in the sales and auctions of Shiba Lands by prohibiting bots and gas wars.
Participants’ place on the queue will also be determined by the amount of LEASH (one of Shiba Inu’s tokens) they hold.
Shiba Lands marks the crypto’s “first step towards allowing the community to jump into the Metaverse prior to its full release.”
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