After falling earlier in the week, the price of the Shiba Inu token has risen back to $0.44.
Its price soared by 36% on Monday, but the euphoria was short-lived.
The coin’s value increased on Monday as its makers revealed a gaming relationship, which might give a glimpse into its future.
The meme cryptocurrency has failed to recover the heights of its $0.000088 peak in late October.
But investors will be hoping its push into the metaverse will put it back on the increase.
What’s going on with Shiba Inu?
Shiba Inu presently has over one million investors. The milestone seems to have inspired its makers to seek future expansion, with a move into gaming and the metaverse.
Metaverse-related currencies like SAND and MANA have been surging in popularity over the past month when Facebook announced it was changing the name of its underlying corporation to Meta.
CEO Mark Zuckerberg also made a lot of statements on the metaverse – a digital realm that enables humans to interact as avatars, enabling people to work, buy, study, and play in virtual reality settings without being physically together.
He told Facebook’s annual conference: “Over time, I hope that we are regarded as a metaverse organization and I want to anchor our work and our identity on what we’re moving towards.”
Shiba Inu has recruited William Volk, former vice-president of technology at Activision, to oversee its foray into gaming.
Developer Shytoshi Kusama stated in a blog post: “The only way to produce a seven-figure game that is worthy of one million FriendShibs is to locate a perfectly suitable AAA company and construct it alongside them. However, securing a terrific AAA gaming company that has worked with the likes of Disney and Warner Bros isn’t enough. To handle producing a game, from idea to completion, demands devotion, expertise, contacts and insight that only a few individuals can supply.
“I’m thrilled to report that the consultant who will lead the charge on the Shiba Inu Games version of the Shiboshi game is none other than William David Volk. Will has seen the idea in full (and knows the AAA studio) so I’m genuinely eager to offer his remark on working with on this unique project:
“I am pleased to be working with a wonderful team on what will become one of the most momentous games of all time.”
What may happen next?
Shiba recruiting such a renowned name suggests it has goals wider than merely being a joke cryptocurrency.
Jordan McCreery, the founding partner of Ingrained Media, is quite confident about its future. “I feel Shiba has some genuine potential to expand from its fraction of a cent amount to $0.01 or greater,” he added.
Don Guo, CEO of fintech startup Broctagon, claimed it is impossible for Shiba Inu to ever reach the heights of $1. “In order for SHIB to reach a dollar, it needs a market capitalization of one quadrillion US dollars,” he told The Express.
“In contrast, the total of the US national debt is $23.3 trillion – and even that enormous number comprises less than 3 per cent of the cash necessary for SHIB to reach that price threshold.
“Given present patterns, it is more probable that Shiba will stay within its range of less than a fraction of a cent.”
Should I invest in Shiba Inu?
People invest at their own risk since cryptocurrencies are not regulated by British financial authorities.
All crypto investments are dangerous, but meme currencies like Shiba Inu are extremely volatile, and you should be prepared to lose everything you invest.
The Financial Conduct Authority (FCA) said in January: “Investing in crypto assets, or investments and loans connected to them, often entails assuming extremely high risks with investors’ money.
“If people invest in these sorts of things, they should be prepared to lose all their money.”
Susannah Streeter, senior investing and markets analyst, Hargreaves Lansdown previously discussed the dangers to i.
She said: “On top of being incredibly volatile, most cryptocurrencies are unregulated, which not only adds another degree of uncertainty but also means that investors have little or no protection against fraud.