The World Economic Forum (WEF) has invited Shytoshi Kusama, the lead developer of the meme coin Shiba Inu to work on building a global Metaverse Policy.
In a recent tweet, the meme coin developer solicited a quick voting round seeking their consent regarding the invitation to work with WEF on its global Metaverse Policy. Hence, he reassured the community that it was all about their decision.
Currently, over 18000 votes have been cast for the poll, with about 60% accepting the offer for partnership with the WEF. Earlier, Kasuma had clarified that the WEF metaverse-related project would also involve Meta, Sandbox, and Decentraland.
Despite the positive development, the SHIB token continues to decline in price.
Shiba Inu Price Action
According to recent data from Coingecko (a crypto data aggregator), SHIB has been down by about 2% over the last seven days. However, it is up by 0.55% over the previous 24 hours and currently trades at $0.00000903, according to the same data.
Agreeably, the ongoing market fluctuations have had a significant effect on the meme coin negatively. Hence, it is no longer the 14th-ranked cryptocurrency based on market cap and is now ranked 15th.
Aside from its poor performance, on-chain data shows that Ethereum’s top whales were accumulating more of the meme-themed cryptocurrency. It is worth mentioning that these whales overall holding accounted for nearly 3.14% of the total SHIB holding.
Based on current market value, their holdings are worth an estimated $70 million. Furthermore, there has been a significant increase in the number of active addresses for the asset. The number rose from over 80,000 in October to about 130,000 at present.
Shib Community Place Hopes On Shibarium
The SHIB community remains expectant of the Shibarium launch, a Layer 2 scaling protocol that would be built on the SHIB Protocol. The Shibarium would function more like an individual network according to its design.
Furthermore, Shibarium has a built-in system that would enable holders to burn their tokens and reduce its exorbitant supply. Presently, Shiba Eternity, a blockchain-based card game launched in September, would be an option for the SHIB community to burn their SHIB tokens pending the arrival of the Shibarium.
Notably, the Trading Card Game functions like Shibarium and is vital in burning SHIB tokens. It increases demand and relatively triggers an upward movement in the token’s price.
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