The Shiba Inu has generated a lot of excitement since its inception. It seemed to be only a meme coin, for speculative trading. Meanwhile, more and more serious plans are emerging around it. The latest news comes from Turkey.
Turkish politicians are discussing SHIB
Just since the beginning of 2022, the popularity of the Shiba Inu (SHIB) has grown enough to gain nearly 200,000 new owners of the dog coin. Interestingly, this is happening for a good reason, as adoption of the token continues to grow. We recently wrote about a fashion project being created with it. Take a look if you haven’t seen it yet: “Shiba Inu expands horizons by entering the fashion industry”. Meanwhile, representatives of the Turkish government are also seriously looking towards SHIB.
Shiba Inu as part of the economy
In recent days, a conversation took place between AK Party Group Vice Chairman, Turkish Minister of Economy Mustafa Elitaş, and members of the “SHIB Army” of Turkey. The topic of discussion was the SHIB ecosystem and its impact on the health of the wallets of its local users.
Among others, one of the most famous Shiba Inu developers, Shytoshi Kusama, tweeted about the issue. In his statement, he emphasized that these talks are increasing the global adoption of SHIB. He also expressed his thanks to the “SHIB Army”, and to Minister Mustafa Elitaş.
Strahinja Savic, who is the head of data and analysis of FRNT Financial platform, also referred to this information and statistics coming from the Middle East:
“The data shows that despite the volatility the lira is facing, local traders are still attracted by the exceptional returns associated with coins such as SHIB.
SHIB gains when Turkish currency loses
It turns out that the government side’s interest in tokens like SHIB doesn’t come out of nowhere. While Turkey is facing considerable economic problems and inflation reaching 54.5% at the time of this writing, the country’s citizens are trying to protect their capital as much as possible. In both 2021 and 2022, the Lira’s trading activity against Shiba Inu and Tether represented almost five times the trading observed against Bitcoin.
The devaluation of the Turkish currency, the ever-growing popularity of SHIB, and with the development of the ecosystem, are causing the Turkish population to adopt a strategy of aggressive token investment. It can be surmised here that if the talks result in positive action from those in power, the SHIB community may gain over time.
Meanwhile, Shiba Inu ranks 15th among coins with the highest market capitalization. It currently stands at US$12.275 billion. In contrast, SHIB’s unit price is $0.00002223, down nearly 75% from the ATH reached in October 2021.