In brief
- The team behind Shiba Inu, the second largest meme coin by market cap, has announced a metaverse project.
- Investors will be able to buy virtual land using Doge Killer (LEASH), another token by the same team.
The world of meme coins is now entering the metaverse. The team behind Shiba Inu, an Ethereum-based token that arguably has little utility but is the 13th biggest cryptocurrency with a market cap of $18.4 billion, have announced a virtual land project.
In a Tuesday blog post, the developers said they would "lead this Metaverse sector" and will soon release "Shiba Lands" for purchase and auction. The metaverse refers to shared virtual worlds that people can interact with as 3D avatars.
Those who want to get involved ahead of the launch of the meme coin metaverse can do so by buying and holding Doge Killer (LEASH)—another token created by the developer (or developers) behind Shiba Inu.
"Overall, our focus is not only to disrupt the Metaverse industry but many industries in and outside the crypto world," the blog post read.
"Therefore we are early, but most importantly, our Metaverse serves as the anchor in our sustainable ecosystem, as we add even more utility, projects, and benefits for our beloved ShibArmy, the best crypto community out there."
Interested investors will be granted a place in the queue to the Shiba Inu metaverse by holding Doge Killer tokens, the blog post said. They can snap up the virtual land using LEASH tokens when it goes on sale.
Doge Killer's price is up 48% in the past 24 hours, trading for $1,750, according to CoinMarketCap. Shiba Inu (SHIB) is up 10.75%, at $0.00003353 a token.
A "meme coin" (or "meme token") is a cryptocurrency that is based-on an internet joke or meme. There is an abundance of them, and they are usually more volatile than other cryptocurrencies, like Bitcoin and Ethereum.
Shiba Inu exploded in popularity last year when it burst onto the crypto scene to compete with Dogecoin—the biggest meme coin by market cap. Critics of both Both Shiba Inu and Dogecoin say the coins have no inherent value, but proponents—particularly those of Dogecoin—say the coins can and should be used for payments.
Both meme coins have become popular as internet communities and celebrities, such as Elon Musk, have promoted them online, causing their value to go through the roof (and make some early investors very rich.)
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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