Shiba Inu, the second-largest meme coin by market capitalization, is preparing for the world premiere of one of its metaverse destinations. The WAGMI Temple Hub is a location in the SHIB metaverse that will open for viewing for participants of the interactive media festival, SXSW, in Austin, Texas. The SHIB team is one of the XR Experience Spotlights at the festival, and the Shiba Inu holder community, SHIB Army, is excited at the prospective unveiling of a metaverse site at the festival.
The WAGMI Temple is the first of 11 hubs in the SHIB metaverse and will offer attendees a realm with meditation, natural beauty, and spirituality in the metaverse, taking them through the history of SHIB and the token’s discovery and decentralized roots. The world premiere of the first of 11 hubs in the SHIB metaverse is expected to have a bullish influence on the sentiment among Shiba Inu token holders. SHIB is currently trading sideways after a short-term uptrend.
Shiba Inu team is set to open its metaverse hub, WAGMI Temple for the world premiere at an interactive media festival SXSW in Austin, Texas. SHIB Army, the SHIB holder community, is anticipating a bullish shift in sentiment in response to the premiere. The festival features music, video and interactive media in its exhibits, inviting participants to interact with elements of the experience spotlights like SHIB Metaverse’s temple.
However, the Shiba Inu price could continue to face heavy selling pressure within the coming weeks as bankrupt cryptocurrency lender Voyager Digital keeps transferring large amounts of cryptocurrencies to Coinbase, likely to cash them out. Voyager currently still owns $631 million worth of crypto assets, with SHIB accounting for the third-highest value. Voyager has sent assets to Coinbase almost every day since February 14.
As for Shiba Inu, Voyager had transferred 2.24 trillion SHIB, the equivalent of about $28 million, to Coinbase since February 14. Prior to today’s sale, the bankrupt crypto lender’s holdings still included 6.5 trillion SHIB, roughly $81 million. Voyager’s SHIB holdings are topped only by Ethereum with 172,223 ETH ($276 million) and 186 million USDC. If Voyager were to sell off all of its Shiba Inu coins, worth around $77.3 million, it would be a massive sell pressure that is likely to cause the price to plummet.
The development also comes at a time when Shiba Inu is about to launch the beta version of its layer 2 network Shibarium. Thus, on the one hand, there is the potential for a strong move north, and on the other hand, there is the risk of a Voyager dump down south. It is not yet clear whether there will be a sell-off. Voyager filed for bankruptcy in July 2022 after Three Arrows Capital, the previous backers, failed to repay $650 million in loans. Currently, BinanceUS is fighting for its right to acquire the company. If Voyager holds on to its Shiba Inu until Binance takes over the company and receives regulatory green light, a sell-off could be avoided. Recently, it was revealed that account owners of Voyager agreed with a majority vote in favor of the takeover by BinanceUS.