Dogecoin Creator Blasts Shiba Inu Metaverse for Cash Grabbing $300M

Key Insights:

  • Dogecoin Creator Billy Markus shared his disappointment on Twitter today.

  • Shiba Inu’s Metaverse intends on selling the virtual plots as a method of expanding their horizons.

  • Billy called the entire project a $300 million cash grab.

As reported by FXEmpire yesterday, Shiba Inu recently introduced its Metaverse, called SHIB: The Metaverse. While some people (mostly SHIB supporters) rejoiced, others brought in opposing views which can also be considered facts.

Dogecoin, Shiba Inu Not Friends?

The creator of one of the most famous cryptocurrencies, Dogecoin, Billy Markus, also known as Shibetoshi Nakamoto, did not seem to be too happy with Shiba Inu’s plans.

Markus, whose creation of Dogecoin was responsible for spawning an entire category of cryptocurrencies called ‘Memecoin’, was dissatisfied with the way SHIB is treating its investors.

In response to CoinDesk’s coverage of SHIB’s Metaverse this morning, Markus said,

“how is making a random metaverse and selling fake land with Ethereum adding utility to their project. (sic)”

He went on to say that while it is undoubtedly a huge opportunity for developers to earn more money, this would not sit well with him if he was a SHIB investor.

According to Billy, the fact that SHIB: The Metaverse is selling plots of the land in ETH for no intrinsic value was baffling.

Justifying the same, he explained that for 100,000 (actual figure is 100,595) plots of land, with each selling between 0.2 ETH to 1 ETH, the team would collectively raise about $100 million to $300 million.

This, according to him, is pointless as it would only serve to fill the developers’ pockets beyond what they have already gained by making SHIB.

Billy probably said so because Shiba Inu, in the name of development, is slyly capitalizing on the Metaverse hype.

On the other hand, Dogecoin has set itself up to go through proper development with the phases described in its roadmap ranging from a library for enabling the development of Dogecoin-based DeFi protocols as well as creating a test suite.

Even though these are yet to come into existence, it is better to know that a potential DeFi chain has some inherent DeFi potential before it jumps onto creating its virtual world.

DOGE and SHIB on the Charts

Whatever may be the case with their on-chain developments, on the investor front, both the coins seem to be cooling off into consolidation after their recent rallies.

DOGE on the daily chart was unmoved at the time of writing, trading at $0.1381. SHIB, too after its 5.69% drop yesterday, marked a 1.35% recovery today, moving at $0.00002622.

This article was originally posted on FX Empire


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