As Shiba Inu’s ‘The Metaverse’ sale tokens tank, here’s the full story

“For what shall it profit a man, if he shall build a metaverse, but lose his investors?” This is what the builders of Shiba Inu are pondering.

With the promise to make its traders and different members of the public “landowners”, the Shiba Inu ecosystem final month launched its Shib Metaverse. The sale of lands on Shib: The Metaverse was in three phases; the Bid Event and the Holders occasion being the first two phases and the Public Sale being the third part.

In the first two phases, LEASH and SHIBOSHI tokens had been used to drive the land sale mission as solely the holders of those tokens had been allowed to bid and buy lands. During the Bid Event and the Holders Event, data from Etherscan revealed that traders spent 6280 ETH to accumulate lands on the Shib Metaverse.

In April, the ecosystem kickstarted the public gross sales part whereby anybody could be allowed with their LEASH tokens, to accumulate the remaining lands on the Shib Metaverse.

However, it’s fascinating to notice that since the final part of the land sale commenced, the LEASH Token frequently took on a downtrend and shed over 50%. What else did we spot in the final 23 days?

The pink days

The public sale of land on the Shib Metaverse commenced on 23 April. Starting this journey at an index value of $999, the LEASH token inside the time beneath evaluate, declined by a whopping 52%.

Recording a measly increment of 0.3% in the final 24 hours, the token, regardless of being the major token used to conduct the sale of land on the Shib Metaverse, its value continued to endure a decline. With an ATH of $4,528.43 recorded 11 months in the past, the token declined by over 80% with a present value of $485.06.

Source: CoinMarketCap

Far from over

More troubling information for traders as a consideration of motion on value charts revealed vital bearish divergence throughout the interval beneath evaluate. Since 8 April, elevated promoting strain was noticed on value charts.

Since the public sale commenced the RSI maintained a place under the 50 impartial place on a downward pattern into oversold areas. At the time of press this stood at 39.

Similarly, the RSI for the LEASH Token toed an analogous development. Deep in the oversold place of 0.17 at the time of press, vital distribution of the LEASH token was ongoing. Since public gross sales started, it additionally retained a place under the 50 impartial area and went additional downwards. 

In addition, the MACD motion was one other indication of a bearish bias throughout the interval beneath evaluate. Intersecting with the pattern line on a downward pattern since 8 April, the LEASH Token appeared to have seen higher days.

1652729996 443 As Shiba Inus ‘The Metaverse sale tokens tank heres the

LEASH/USDT | Source: TradingView

For whom the bell tolls

Despite  being the major token used to conduct the sale of lands on the SHIB Metaverse, no vital traction has been recorded up to now. With present value actions, the token is perhaps a great distance from reclaiming its ATH of $4000.

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