when Shiba Inu [SHIB] made public with its efforts to delve into the Metaverse, some quarters of the crypto community took it as a joke. “How can a meme with no known utility say that the Metaverse was part of his goals?” Well, doubts may not be allayed as SHIB’s latest update revealed there was no way to stop it.
In the early hours of September 3, SHIB announced that it had taken a bold step towards the mission. From its official blog, SHIB reported that the “We’re All Gonna Make It” (WAGMI) temple project was gaining momentum. The release was followed by a proposed concept of the Temple.
Will we all make it?
Dissect the details of the project, the SHIB release revealed that it examined several architectural designs from six different cities. Early sketches showed that SHIB had marked Beijing, New Delhi, Japan, Hawaii, South Africa and Myanmar as places to draw inspiration from.
In light of the proposal, SHIB noted that approval is in the hands of its community. At press time, the responses from most of the ShibArmy seem to agree. However, the update did not translate into a rally for the SHIB price.
A look at CoinMarketCap showed SHIB had refused 0.17% in the last 24 hours despite the increase in volume to 305.37 million dollars. It was a similar pattern with its burn rate dropping 47.19% with a total of 69,087,091 SHIB tokens burned in the same period.
So, the question would be whether everything that happens is in line with the WAGMI tag? For now, the path may not be clear. An advantage to take into consideration is that SHIB retained its top position among Ethereum holdings [ETH] whales.
🐳 The early 2000s #ETH the whales are lurking
Whale Ranking 👇https: //t.co/R19lKnPlsK pic.twitter.com/Qk9pwNGdz2
– WhaleStats (cryptocurrency tracking) (@WhaleStats) September 2, 2022
It may also be too early to define the impact of the project as it is still in the early stages. Furthermore, the metrics in the SHIB ecosystem have been somewhat contradictory according to Sanctity.
While 24-hour addresses dropped to 4939, last-day circulation also dropped to 1.9 trillion.
With these changes, it may appear that SHIB is unprepared for green in the coming days. Investors may also need to watch the Bitcoin [BTC] motion as it can affect momentum.