Despite the pervasive negative sentiment prevailing in crypto markets after the FTX collapse, community sentiment around memecoin Shiba Inu is healthy, with many traders flocking to the memecoin as a haven.
SHIB’s Social Sentiment Index has been mostly positive in the last two weeks, hovering around 79/100 at press time. The price is up 1.9% in the previous 24 hours. On-chain data suggests that the number of SHIB holders has increased by at least 0.25% in the same period.
SHIB is more popular than DOGE on Twitter
SHIB also has more Twitter followers than fellow memecoin Dogecoin, a favorite of the Twitter owner and Tesla CEO Elon Musk. Dogecoin has 3.5 million Twitter followers, while SHIB has 3.6 million.
Musk, who took over Twitter earlier this year, has previously promoted DOGE and SHIB. He allowed Tesla customers to pay for specific merchandise using both coins, with BitPay as the payment processor.
The social media company, now led by Musk, is reeling from an exodus of crucial engineering employees after Musk sent a company-wide email that gave employees an ultimatum. Either they agree to work long hours, emphasizing engineering staff, or take three months severance pay and leave.
This has raised doubts about Musk’s ability to keep Twitter running after the billionaire laid off 3,700 staff at the beginning of Nov. 2022. Despite this, he tweeted today that the platform’s usage had hit an all-time high:
Twitter has also lost its former cybersecurity head, Lea Kissner, raising questions about how the company will honor its agreement with the U.S. Federal Trade Commission.
SHIB community grows despite bear market
Despite the saga unfolding on Twitter, the SHIB community reminded followers of its other available social media channels, including Discord, Telegram, and Reddit.
Against the backdrop of the deepening crypto winter, the number of crypto wallets holding SHIB has also steadily increased. Data from market data aggregator CoinMarketCap shows that the number of addresses holding SHIB has been on an uptrend since the end of Aug. 2022, followed by a brief dip at the end of Sep. 2022, before increasing at more-or-less a constant rate to 1,274,150 holders at press time.
The SHIB ecosystem has also been growing at a rapid tick. On Oct. 6, 2022, the community released a collectible card game Shiba Eternity in partnership with PlaySide Studios, a free-to-play card game for Android and iOS devices. PlaySide Studios is responsible for developing games for the likes of Disney and Warner Brothers.
At press time, the Android version of the game had received over 100,000 downloads.
SHIB: The Metaverse updates
In Mar. 2022, the SHIB community launched SHIB: The Metaverse, which required owners of locked governance token LEASH and SHIBOSHI to bid for tracts of land in a pre-sale. SHIBOSHIs are a collection of 10,000 user-generated non-fungible tokens in the SHIB ecosystem. Later, the bidding was expanded to the general public, with land prices starting at 0.2 ETH.
To expand the virtual world, the SHIB community tapped visualization studio The Third Floor, whose work can be seen in films belonging to the Marvel Cinematic Universe and Star Wars franchises.
The Third Floor has helped build metaverse environments like the WAGMI temple, a serene, Zen-like environment, and Growth Dunes, a type of desert environment that draws inspiration in part from the Great Sand Dune National Park in Colorado, U.S.A., the Egyptian pyramids, and the Sahara Desert in Africa.
The latest metaverse development is a concept design for the Metaverse Tech Trench, an ancient trench that has become technologically modernized through the education of its community members.
The trench draws design inspiration from the Rolex Learning Center in Europe, Yale University, Princeton University, and Nanyang Technological University.
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