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 developers of Shiba Inu are pondering.

With the promise to make its investors and other interested members of the public “landowners”, the Shiba Inu ecosystem last month launched its Shib Metaverse. The sale of lands on Shib: The Metaverse was in three phases; the Bid Event and the Holders event being the first two phases and the Public Sale being the third phase.

In the first two phases, LEASH and SHIBOSHI tokens were used to drive the land sale project as only the holders of these tokens were allowed to bid and purchase lands. During the Bid Event and the Holders Event, data from Etherscan revealed that investors spent 6280 ETH to acquire lands on the Shib Metaverse.

In April, the ecosystem kickstarted the public sales phase wherein anyone interested would be allowed with their LEASH tokens, to acquire the remaining lands on the Shib Metaverse.

However, it is interesting to note that since the last phase of the land sale commenced, the LEASH Token continually took on a downtrend and shed over 50%. What else did we spot in the last 23 days?

The red days

The public sale of land on the Shib Metaverse commenced on 23 April. Starting this journey at an index price of $999, the LEASH token within the time under review, declined by a whopping 52%.

Recording a measly increment of 0.3% in the last 24 hours, the token, despite being the primary token used to conduct the sale of land on the Shib Metaverse, its worth continued to suffer a decline. With an ATH of $4,528.43 recorded 11 months ago, the token declined by over 80% with a current price of $485.06.

Source: CoinMarketCap

Far from over

More troubling news for investors as a consideration of movement on price charts revealed significant bearish divergence during the period under review. Since 8 April, increased selling pressure was spotted on price charts.

Since the public sale commenced the RSI maintained a position below the 50 neutral position on a downward trend into oversold regions. At the time of press this stood at 39.

Similarly, the RSI for the LEASH Token toed a similar progression. Deep in the oversold position of 0.17 at the time of press, significant distribution of the LEASH token was ongoing. Since public sales began, it also retained a position below the 50 neutral region and went further downwards. 

In addition, the MACD movement was another indication of a bearish bias during the period under review. Intersecting with the trend line on a downward trend since 8 April, the LEASH Token seemed to have seen better days.

LEASH/USDT | Source: TradingView

For whom the bell tolls

Despite  being the primary token used to conduct the sale of lands on the SHIB Metaverse, no significant traction has been recorded so far. With current price movements, the token might be a long way from reclaiming its ATH of $4000.