The co-founder of meme cryptocurrency Dogecoin, Billy Markus, has urged fans to remain calm as the cryptocurrency has struggled to gain popularity since January 2022. However, he believes the metaverse project augments no utility to Shiba Inu. The programmer likened the project to a cash grab by developers.
In response to Shiba Inu’s Metaverse announcement, Dogecoin founder Billy Markus stated that the virtual reality project provided no value to the SHIB token. Billy Markus compared the advent of the metaverse to a cash grab.
The Shiba Inu project’s developers announced the launch of the SHIB metaverse last week, following a long period of teasing. According to the developers, the metaverse would compile and exhibit the Shiba Inu Community’s unique journey and experiences. The following was taken from the blog post:
“The [SHIB] Metaverse is the culmination of our history as a community, virtually displayed, in a layer of beautiful visuals that showcase our innovation and unity with a place to truly call home.”
The developers also announced that the metaverse would include 100,595 plots in the post.
According to the developers, these land plots would be sold in installments, with the first batch containing 36,431 plots in four categories, with values ranging from 0.2 to 1 ETH.
Shiba Inu’s developers stated that they chose Ethereum to prevent depreciating their local currency. On the other hand, landowners would burn the native Shiba Inu token to rename their property. Developers also hinted that landowners would be able to earn money in the future.
However, Billy Markus, the founder of Dogecoin, is not impressed. The metaverse, he says, offers no value to the Shiba Inu project. He remarked in a tweet, “how is making a random metaverse and selling fake land with Ethereum adding utility to their project.”
His discontentment did not end there. He explained the metaverse launch as a cash grab by Shiba Inu developers.
“I mean, whatever, if people wanna give the devs even more money, go ahead, but if I were a shib holder, I would be annoyed,” he said. “100000 land at .2-1 eth each => they are raising 100-300 million additional dollars beyond what they’ve already made from making Shiba.”
The Meme Coin Tag is a game where you have to fight the memes. Shiba Inu is often referred to as the “Dogecoin Killer” because it was created to compete with Dogecoin.
Shiba Inu token is a decentralized cryptocurrency established by an anonymous person or group known only as “Ryoshi” in August 2020.
In 2021, the token had tremendous growth, increasing by 45,000,000%. The community has worked to remove the meme coin tag and demonstrate that the currency has utility after such a successful year in terms of price. The metaverse project is the latest effort to reverse this narrative.
Supporters of the meme coin have reacted angrily to Billy Markus’s statements. One retorted that Billy was merely resentful and that the only utility DOGE had was Elon Musk’s support.