SHIB holders appear to be leaving the network after being denied the opportunity to participate in important developments in the crypto project’s ecosystem.
Several Shiba Inu investors seem to be abandoning the popular dog-themed cryptocurrency as the founders behind the project have continued to hinder them from participating in meaningful projects.
According to CoinMarketCap, more than 43,000 wallets have dumped their Shiba Inu tokens in March, with the biggest drop of 32,000 holders on March 18th March.
The Shiba Inu team, which has been developing significant upgrades in recent times, has continued to favor other native crypto-assets like LEASH, DOG, and Shiboshi, over SHIB.
For most of the newly launched projects in the Shiba Inu ecosystem, LEASH and Shiboshi holders have been granted early access to them, which does not sit well with SHIB holders.
While SHIB investors are still trying to live with the fact that there are more cryptocurrencies in the ecosystem, developers have denied holders of SHIB access to new projects.
Dogecoin Founder Criticizing Shib Metaverse
Meanwhile, Dogecoin pseudonymous founder Shibetoshi Nakamoto slammed the Shiba Inu developers’ virtual reality land offering.
He noted that the initiative is just a means to raise hundreds of millions of dollars from the Shiba Inu community without giving them much value.
“I mean whatever if people want to give the developers even more money, they should go ahead, but I would be annoyed if I was a SHIB holder,” the Dogecoin founder tweeted.
SHIB Holders Denied from Gaining Early Access to the Metaverse
Recall that the team announced that LEASH and Shiboshi holders were given early access to purchase plots of land in SHIB: The Metaverse, the virtual reality project of Shiba Inu.
LEASH and Shiboshi holders are required to lock their assets in order to be able to bid for the 100,595 plots of land in the metaverse.
While interested investors who do not own the assets will have to wait for the third phase to bid for the remaining plots of land left after Shiboshi and LEASH holders have had their fill.
This announcement angered several SHIB holders, who are eager for this type of opportunity to push the token’s price to a massive height, especially when the token’s value is down 68.8% from its all-time high (ATH) of $0.00008616.
With SHIB investors denied joining the early stages of land purchase, many traders have exited their positions in the cryptocurrency as they feel entirely neglected.
“SHIB holders are declining after the release of the SHIB: [The Metaverse] news. I guess not using the SHIB to buy land is not attractive to the holders. @JmelendrezJr tweeted earlier today.
Meanwhile, the Shiba Inu team understands traders’ frustrations and noted in the announcement that there will be several use cases for SHIB in the upcoming metaverse project.
SHIB Investors Responsible for the Project’s Popularity
It is no longer news that Shiba Inu has one of the most vibrant communities in the cryptocurrency industry, as enthusiasts of the dog-themed token have been the main reason for its massive explosion in the past few months.
Shiba Inu, which initially started as a meme coin in August 2020, has seen its price surge tremendously from its all-time low of $0.00000056.
However, following solid community support, Shiba Inu saw its value skyrocket to an all-time high of $0.00008616. At the time of writing, the token is trading around $0.00002683.