On 30 March, builders behind the favored meme cryptocurrency Shiba Inu (SHIB) unveiled the “SHIB Metaverse.” It consisted of 100,595 plots of digital land put up for grabs.
The sale of lands on the metaverse was divided into three phases – The Bid Event and the Holders occasion being the primary two phases, and the Public Sale being the third part. In the primary two phases, the community’s LEASH and SHIBOSHI tokens had been used to drive the land sale mission as solely the holders of those tokens had been allowed to bid and buy lands.
Upon conclusion of the Bid Event and the Holders occasion, SHIB commenced public gross sales on 23 April. In doing so, it allowed anybody to grab up the remaining lands with their LEASH tokens.
According to information from NFTGo, since its launch, solely 19,813 plots have been bought up to now by 5,700 holders. Following a gradual decline since April, market capitalization for the mission stood at $5.97M at press time. Furthermore, complete gross sales made registered a determine of $973,864 on the charts.
Things haven’t gone as deliberate for the LEASH token as nicely. Despite being the first token for the metaverse mission, it has did not register any main progress.
The unLEASHING of the bears
Upon graduation of the general public gross sales part, LEASH’s worth stood at $996. With perceived traders’ apathy aggravated by the crypto-winter, the alt launched into a downtrend and marked its spot at $443.49 at press time.
In truth, over the 100-day interval beneath evaluate, the value of the DOGE-killer declined by 55%.
Interestingly, with the remainder of the market seeing positive factors over the previous month, LEASH additionally rallied by 31%. As a end result, its worth rose from $345 to $440. The uptick was evident during the last 24 hours at press time too.
On the day by day chart, the crypto’s Relative Strength Index (RSI) launched into a downtrend because the graduation of public gross sales. Still beneath the 50 impartial area, and indicative of dwindling shopping for strain, the RSI was pegged at 43 at press time.
What about SHIBA?
Over the identical interval, the community’s major token, SHIB, additionally declined considerably in worth. Exchanging fingers at $0.00001216 per SHIB at press time, information from CoinMarketCap revealed a 97% decline during the last 100 days. The altcoin’s market capitalization dropped from $13 billion to $6 billion inside that interval.