Saturday, June 10, 2023

Turkey’s Possible SHIBA Adoption


Turkey’s Mustafa Elitas have met with Turkish Shiba Inu Community for the meme coin’s adoption in their country.

Mustafa Elitas is Turkey’s Minister of Economy and Deputy Chairman of the AK Party Group. He met with the Turkish Shiba Inu ($SHIB) community. This is to discuss the country’s adoption of the meme-inspired cryptocurrency.

A tweet from the country’s SHIB community spread, and later praised by Shiba Inu head developer Shytoshi Kusama. According to the tweet, Turkey’s Economy Minister met with a Turkish member of the community face to face. The SHIB ecology was taken into consideration.

Shiba Inu’s Outstanding Growth

The discussion took place shortly after the meme-inspired cryptocurrency eclipsed the FTX exchange’s own coin, $FTT. It is the second-biggest asset in the portfolios of the largest Ethereum whales, after only $ETH.

As plans to destroy the meme-inspired cryptocurrency’s supply through multiple campaigns have grown, Ethereum whales have begun buying up on SHIB. They now own nearly $1.4 billion in the meme-inspired cryptocurrency, as well as $1.36 billion in FTT.

According to Benzinga, the top Ethereum whale on the network has 35 trillion SHIB worth almost $984 million. On its wallet, the meme-inspired cryptocurrency is the fourth most valued token. Around 11% of the wallet’s total value represents the token.

Bigger Entertainment’s Steven Cooper, CEO of a bitcoin entertainment company called Bigger Entertainment. He went on to say that the corporation wants to help the meme-inspired cryptocurrency’s community by burning 10% of its supply. Only 59 percent of the original Shiba Inu supply was still in circulation. At the same time, since the cryptocurrency’s inception, almost 410 trillion SHIB has burned.

Turkey’s Heightened Interest in Shiba Inu

Turkey’s SHIB adoption has increased over time as the lira, the country’s fiat currency, has declined in value. The currency has lost nearly half of its value versus the US dollar in the last year. On the other side, it has lost approximately 75% of its value in the last five years.

For countries in comparable situations, Bitcoin has long been a preferred digital store-of-value asset. Turkish citizens, on the other hand, uses $SHIB and $USDT as alternatives.

The Turkish Lira accounts for 5.2 percent of SHIB’s global trading activity, according to CryptoCompare data. Only the main stablecoins USDT and BUSD, as well as the US currency, are ahead of it.

Wirex Adopts Shiba Inu

Wirex, a renowned digital payments network, has lately adopted the meme-inspired cryptocurrency. It has more than 4.5 million users and allows them to spend a variety of currencies at over 80 million establishments around the world.

In 2015, Wirex claims to have developed the world’s first cryptocurrency-enabled payment card. It moved to the United States earlier this year and introduced a slew of other cryptocurrencies. Polygon ($MATIC), Binance’s $BNB, Avalanche ($AVAX), and Fantom ($FTM) are among them.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

More from Crypto News Constellation

[tds_leads input_placeholder="Email address" btn_horiz_align="content-horiz-center" pp_checkbox="yes" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" msg_composer="success" display="column" gap="10" input_padd="eyJhbGwiOiIxNXB4IDEwcHgiLCJsYW5kc2NhcGUiOiIxMnB4IDhweCIsInBvcnRyYWl0IjoiMTBweCA2cHgifQ==" input_border="1" btn_text="I want in" btn_tdicon="tdc-font-tdmp tdc-font-tdmp-arrow-right" btn_icon_size="eyJhbGwiOiIxOSIsImxhbmRzY2FwZSI6IjE3IiwicG9ydHJhaXQiOiIxNSJ9" btn_icon_space="eyJhbGwiOiI1IiwicG9ydHJhaXQiOiIzIn0=" btn_radius="0" input_radius="0" f_msg_font_family="521" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_msg_font_weight="400" f_msg_font_line_height="1.4" f_input_font_family="521" f_input_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEzIiwicG9ydHJhaXQiOiIxMiJ9" f_input_font_line_height="1.2" f_btn_font_family="521" f_input_font_weight="500" f_btn_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_btn_font_line_height="1.2" f_btn_font_weight="600" f_pp_font_family="521" f_pp_font_size="eyJhbGwiOiIxMiIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_pp_font_line_height="1.2" pp_check_color="#000000" pp_check_color_a="#fdbf46" pp_check_color_a_h="#000000" f_btn_font_transform="uppercase" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGUiOnsibWFyZ2luLWJvdHRvbSI6IjMwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGVfbWF4X3dpZHRoIjoxMTQwLCJsYW5kc2NhcGVfbWluX3dpZHRoIjoxMDE5LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" msg_succ_radius="0" btn_bg="#fdbf46" btn_bg_h="#dd9933" title_space="eyJwb3J0cmFpdCI6IjEyIiwibGFuZHNjYXBlIjoiMTQiLCJhbGwiOiIwIn0=" msg_space="eyJsYW5kc2NhcGUiOiIwIDAgMTJweCJ9" btn_padd="eyJsYW5kc2NhcGUiOiIxMiIsInBvcnRyYWl0IjoiMTBweCJ9" msg_padd="eyJwb3J0cmFpdCI6IjZweCAxMHB4In0=" msg_err_radius="0" f_btn_font_spacing="1" title_text="Stay Up to Date"]


Related Crypto News

Ethereum Whales’ Top Token is Shiba Inu

Shiba Inu, a meme coin, is still one of the most popular cryptocurrency investments. Despite having no utility, the...

Shiba Inu Reveals New Stablecoin

Well-known Meme Coin, using a decentralized stablecoin and a new incentive token, Shiba Inu plans to grow its...

SHIB and DOGE Surges Owing to Musk’s Support

The two major meme currencies on the cryptocurrency market right now are Shiba Inu and Dogecoin. SHIB increases by 28.2%...

Shiba Inu Takes Supermodels on Board

In February of this year, Shiba Inu worked with John Richmond, an Italian luxury fashion company, and entered...