Shiba Inu has announced the development of its new metaverse on top of Shibarium, its highly anticipated Ethereum Layer 2 blockchain. This announcement marks a major milestone in the evolution of Shiba Inu, which has built a strong following thanks to its commitment to fully decentralized financial freedom.

The metaverse, called SHIB The Metaverse, will allow users to explore, create, trade, sell, and buy items, and live in a new world that rewards participation with various opportunities and experiences. The announcement was made by Shiba Inu’s Lead Developer, Shytoshi Kusama, who said, “Everything Shiba Inu does sets a new standard. SHIB The Metaverse will be no different.”

The preview version of SHIB The Metaverse was on full display at the SXSW event held from March 13-15, showcasing its capabilities through the WAGMI Hub, the first of 11 hubs in SHIB The Metaverse. The metaverse is focused on unifying the metaverse landscape, which is currently spread across multiple worlds that are mostly isolated from each other.

Through Shibarium, SHIB The Metaverse is designed to empower users to build digital businesses, bring in real-life businesses to the metaverse, build structures, homes, and even DeFi platforms inside. The new capabilities will also extend to gaming, with studios worldwide invited to develop in SHIB The Metaverse.

The announcement highlights the metaverse’s ability to leverage advanced cryptographic techniques, off-chain computation and storage, and other innovative solutions. This will provide a wide range of technical benefits, including increased throughput, reduced latency, lower fees, improved privacy and security, and greater flexibility and interoperability, which will help drive the next wave of blockchain and SHIB The Metaverse innovation.

Shiba Inu’s commitment to decentralization, personal financial freedom, and community has enabled it to build an ecosystem that includes digital assets, solutions, and other projects, including the ShibaSwap DEX. The Shibarium Layer 2 blockchain provides increased scalability, security, and innovation, which has enabled it to gain popularity among millions of holders worldwide.

Following recent bank failures in the United States, SHIB token bounces back with a 3% rise in value over the last day, currently priced at $0.00001137, indicating positive momentum. According to Coingecko’s data, SHIB’s market cap is approximately $6.7 billion. However, on March 10, SHIB plummeted to $0.0000097, coinciding with the crypto market’s total value dropping by $90 billion in less than 24 hours to $912 billion. The decline in value started after Silvergate Bank’s failure on March 3.

This article was republished from azcoinnews.com

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