The Shiba Inu community is currently in the midst of an online vote that will determine whether the project will accept the invitation from the World Economic Forum (WEF) to be his partner in the work for a global metaverse policy.
As of this writing, over 18,000 votes have already been cast for the poll conducted by SHIB developer Shytoshi Kusama via Twitter, with over 60% in favor of accepting the WEF partnership offer.
Kusama previously clarified that the metaverse related company will also involve Meta, Decentraland and Sandbox.
Unfortunately, even with this positive development and an apparent show of confidence for Shiba Inu, its SHIB token continues to struggle to achieve higher spot trading prices.
Shiba Inu Price Watch, Other Key Metrics
According to the latest Crypto Data Aggregator Tracking QuincekoAt press time, Shiba Inu is changing hands at $0.00000903 and has already lost nearly 2% of its low value in the past seven days.
The ongoing bear market had already taken its toll on the crypto meme which was forced to give up its spot as 14e largest cryptocurrency by market capitalization.
Although the asset managed to increase its overall valuation by 8% in the last 24 hours, this was not enough to reclaim its previous spot in the list as it settled at 15e thanks to its overall valuation of $5.32 billion.
Despite this dismal performance, Ethereum’s top whales have recently displayed their unwavering faith in the crypto that accounted for 3.14% of their total holdings worth an estimated $70 million.
Additionally, there is also a significant increase in terms of active addresses for the asset, from over 80,000 at the end of October to around 130,000 currently.
Pinning Hopes on Shibarium
The Shiba Inu community remains in full anticipation of the shibariuma Layer 2 scaling solution that will be built on top of the SHIB protocol, allowing it to operate more like an individual network.
It has a built-in mechanism that will allow coin holders to burn their tokens in hopes of reducing its excessively abundant supply.
For now, however, the community will have to settle for Shiba Eternitya blockchain-based card game that launched in September this year.
This TCG, just like the Shibarium, also plays a vital role in burning SHIB tokens while increasing its demand which, in turn, will most likely trigger an upward movement in its price.
SHIB total market cap at $5.03 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com