- Shiba Inu (SHIB-USD) has started to rebound. As of Monday, April 11, the SHIB-USD token price was $0.000022. That’s right, it has four zeros to the right of the decimal.
- SHIB-USD is down about 35.6% from $0.00003414 at the end of Dec. 2021. In other words, just to rebound back from $0.000022 today, it has to rise over 55%.
- The crypto’s new metaverse project has the ability to act as a catalyst for the SHIB-USD to rebound.
Here is another way to think of Shiba Inu’s (SHIB-USD) price today: $100 will buy you 4,545,454 Shiba Inu tokens, before transaction fees. That works out because if you divide $100 by $0.000022 you get 4.545 million SHIB tokens.
The most practical way to buy SHIB-USD is to use the Coinbase Global (NASDAQ:COIN) platform. It now allows trading in Shiba Inu cryptocurrency. The price as of April 11, is $0.000022. But for $100 you only get 4,322,830 SHIB tokens, instead of $4.545 million at the spot price. This is because Coinbase charges a $2.99 fee, so you receive less SHIB compared to the actual spot price.
That shows you that Coinbase takes out 2.99% of your purchase. So for the $100 paid, you get $97.01 worth of SHIB crypto. That’s standard fare for the way crypto transactions are done these days. Nothing is very cheap.
Latest Developments With Shiba Inu
One way for SHIB-USD to rebound is with a new initiative that the developers behind Shiba Inu are making in the metaverse world. CoinDesk magazine reported on March 30 that they are starting a project called “SHIB: The Metaverse.” The virtual reality platform will feature 100,595 land plots that can be bought and sold:
- Land plots will be released in phases. The introductory stage will unlock 36,431 plots, divided into four categories.
- They will be priced between 0.2 Ethereum (ETH-USD) and 1 ETH-USD. Today 1 ETH token trades at $3,008, so 20% of that is $601.60.
- They will use Ethereum as the land pricing token to ensure there is no downside risk to Shiba Inu pricing.
- Land buyers will be able to generate passive income, gather in-game resources, and generate rewards, to be revealed soon.
- Landowners can rename their plot while using and burning the dog-themed SHIB token.
- There will be a “first special role that Shiba Inu” will play in the metaverse.” What this means exactly hasn’t neem revealed either.
This is something of a play on the success of Decentraland (MANA-USD) and other metaverse cryptos like The Sandbox (SAND-USD). At one point in early February, a digital plot in The Sandbox for over $4.3 million.
However, recently, we may have already passed the peak point in virtual land and real estate. This could just be a case of jumping on a bandwagon. There may still be value there for a new entrant, even though it won’t be a peak price for buyers.
Where This Leaves SHIB-USD Today
Shiba Inu now has a $12.2 billion market capitalization making it the 15th largest cryptocurrency. This is a “meme” crypto just like Dogecoin (DOGE-USD), the 10th largest, which has a market valuation of $18 billion.
SHIB-USD could make a rebound if its new metaverse and virtual reality land plot project and platform take off. Dogecoin does not have a similar project going on like this. It could help set Shiba Inu apart from Dogecoin and give investors a reason to buy it instead of Dogecoin.
The point is that investors typically associate Shiba Inu with Dogecoin, in terms of the type of crypto it is. Therefore, if this new metaverse venture works out, it could help set SHIB apart and push it higher in value, based on its utility compared to Dogecoin.
In the end, there really is not that much difference between a $12 billion market cap and an $18 billion market cap in the highly volatile cryptocurrency market. The point this new metaverse venture could act as a potential catalyst for Shiba Inu to rise 55% to where it was at the end of last year.
On the date of publication, Mark R. Hake did not hold any position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.