Ethereum Whales Pounce on Dogecoin Competitor Shiba Inu As Project Announces Massive Metaverse Expansion

The biggest players in the crypto arena are stocking up on a popular meme coin after its latest project milestone.

The transaction-tracking bot at WhaleStats reveals major in-flows of capital into Shiba Inu (SHIB) after its new metaverse feature launched on Wednesday.

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Over the past 24 hours, Ethereum (ETH) whale wallets bought an average of 1.86 billion SHIB tokens for a cost of $50,034. That made the dog-themed altcoin the sixth most purchased crypto asset while also not appearing on the list of sold tokens.

Source: WhaleStats

In the new official announcement, Shiba Inu says interactive features within the metaverse user portal will go live in the coming days.

The SHIB metaverse features over 100,000 plots of virtual land ranging across four districts: Growth, Defense, Technology, and Currencies.

Users will be required to spend ETH in order to purchase within the space instead of native tokens SHIB, Doge Killer (LEASH), and Bone ShibaSwap (BONE).

The project explains,

“As we will use the collected funds to pay for the Metaverse development, the team has decided to use a neutral coin that can be sold into stablecoins in order to pay all the sources.

Using our ecosystem tokens is a risk, as we would need to dump our own tokens’ price [by] cashing them! That’s far away from our plans.”

Back in early February, Shiba Inu first announced the upcoming launch of the metaverse project, which remained unnamed at that time.

The price of Shiba Inu is down 5.56% at time of writing and priced at $0.000026. The #15 crypto asset by market cap hit a weekly top of $0.000029 back on Monday.

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Featured Image: Shutterstock/Sandy MacKenzie/WindAwake

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