Memecoin cryptocurrency Shiba Inu has announced that it is entering the realms of the metaverse.

The decentralized token announced on its official Twitter account that it's “reaching new heights and welcoming the #Shiberse. An immersive experience for our ecosystem and the Metaverse space!”

Prices of Shiba’s native token LEASH rose almost 46% in the past day, according to CoinDesk.

What is Metaverse and How is It the Next Big Thing in Crypto?
What is Metaverse and How is It the Next Big Thing in Crypto? Pixabay

“We have seen the Metaverse space grow at a rapid rate with enormous interest from small and large companies alike,” the token said in a blog post. "We will lead this Metaverse sector. At this time, our early phase of development continues for the Shiba Inu Metaverse – Codename: Shiberse.”

It also said in the blog post that it is developing a queue system intended for its virtual land sales events in order to prevent bots and create a smooth purchasing process.

"These 'lands' found inside our Metaverse will be available for purchase/auction really soon, and it will be our first step towards allowing the community to jump into the Metaverse prior to its full release!"

The metaverse is what tech experts refer to as virtual worlds, with the term gaining momentum after Facebook rebranded itself as Meta.

Apple CEO Tim Cook has expressed interest in virtual worlds, stating that the company is “investing accordingly” into the metaverse as he sees various possibilities within the realm.

However, Playstation creator Ken Kutaragi says he “can't see the point” of the metaverse, emphasizing that it “isolate[s] you from the real world, and ... can't agree with that."