Shiba Inu Enters Metaverse With 'Shiba Lands,' LEASH Rockets 40%

The price of Leash, a Shiba Inu ecosystem token, was up nearly 50% following the announcement.

AccessTimeIconFeb 9, 2022 at 8:25 a.m. UTC
Updated May 11, 2023 at 5:28 p.m. UTC

Developers behind popular meme coin Shiba Inu said the protocol would soon offer plots of virtual lands in an upcoming, yet-unnamed metaverse, causing the prices of ecosystem tokens like SHIB and LEASH to jump as much as 40%.

Metaverses generally describe a virtual world in which people can interact as they do in the real world, but digitally. The concept has gained steam in recent years, with metaverse tokens like Decentraland's MANA and Axie Infinity's AXS worth billions of dollars.

“The Metaverse is set to be one of the biggest areas within crypto for many to enjoy…using it as another great resource to offer crypto communities incentivization, content, and regular royalties,” Shiba Inu developers said in a blog post.

The so-called “Shiba Lands” would be found inside the upcoming Shiba Inu metaverse and will be available for purchase or auction using LEASH tokens.

Developers said they are working on a "queue system" designed for the Shiba Lands sales event. Participants earn a place in the queue based on the amount of LEASH they hold. Such a system would prevent opportunistic bots from snapping up land early at low prices to sell them at a higher price to the community.

Prices of LEASH tokens were up nearly 46% in the past 24 hours, data from analytics tool CoinGecko show. SHIB has a supply of 1 quadrillion tokens, with half locked away, while LEASH has only 107,647 minted tokens.

CoinDesk - Unknown
LEASH jumped above resistance in early Asian trading hours. (TradingView)

Meanwhile, SHIB fell 8% in the past 24 hours after rising nearly 40% on Monday and Tuesday. The token was trading at about $0.000033 at press time.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.