Shiba Inu’s Metaverse Criticized by Dogecoin’s Co-Founder

Shiba Inu’s Metaverse Criticized by Dogecoin’s Co-Founder

In a series of tweets, Billy Markus, the co-founder of Dogecoin, recently took a jab at Shiba Inu’s metaverse notion.

The software developer gained attention on Twitter for his numerous exchanges with Tesla CEO Elon Musk; he claims that selling fictional land with Ethereum will not increase the currency’s utility. According to U.Today, Shiba Inu has revealed the details of its metaverse project, which was initially reported in early February. During the first phase of implementation, more than 10,000 land plots will be accessible.

Is it Overpriced or Overhyped?

Ethereum (ETH) was chosen for pricing because it is a neutral cryptocurrency, according to the team. The metaverse plan, according to Markus, is nothing more than a cash grab for developers trying to boost their earnings. He estimated that selling bogus property may bring around $300 million. According to the Dogecoin co-founder, the Shiba Inu team’s proposal of allowing landowners to make passive revenue may be frowned upon by securities regulators. In a follow-up article, Markus says that seeing “scammers” make millions with cryptocurrencies makes him “salty.”

Shiba Inu, which positioned itself as a “Dogecoin killer,” briefly surpassed the market value of the original meme coin in October.

After receiving a bombardment of spam messages in November, Markus accused the Shiba Inu community of harassing him and begged that members leave him alone. Dogecoin’s co-founder has repeatedly said that he has no involvement with the rival meme currency.

Meanwhile, seasoned cryptocurrency expert Alex Krüger believes that metaverse land is overrated and overhyped because of its infinite production capacity. He argues that investors should use real-world mental models to assess the value of virtual land.