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- Mustafa Elitas, Turkey’s Minister of Economy, recently discussed Shiba Inu’s adoption in the country with a local Shib army member.
- Shiba Inu is being preferred and adopted by Turkish citizens on a broader level, and it was recently listed on a Turkish exchange.
- Shiba Inu developer Shytoshi Kusama thanked the minister and Shibaturklsh for meeting and discussing Shiba Inu’s ecosystem in Turkey.
Deputy Chairman of AK Party Group and Turkey’s Minister of Economy, Mustafa Elitas, has reportedly met with Turkish Shiba Inu community members to discuss the adoption of the meme currency in the country.
It was signified via a Tweet shared by the country’s SHIB community, later acclaimed by Shytoshi Kusama, Shiba Inu’s lead developer. He highlighted that the global adoption continues to grow and thanked Mustafa Elitas for meeting with Shiba Turkish.
This tweet clarifies that Turkey’s Minister of Economy had a face-to-face meeting and discussion with the Turkish member of the community.
This meeting was held right after this meme-inspired cryptocurrency $SHIB surpassed FTX’s native cryptocurrency $FTT as the second-largest holding that the largest Ethereum whales have in their wallets.
CryptoGlobe has reported that as the plans to burn the SHIB’s supply through several initiatives are growing, Ethereum whales have been loading up on more SHIB.
Additionally, the CEO of Bigger entertainment, a cryptocurrency entertainment firm, Steve Cooper, has signified through a Tweet that the firm is looking to support the community of SHIB to burn 10% of the supply. Over 410 trillion SHIB has already burned since the launch of this meme-inspired cryptocurrency.
SHIB adoption in Turkey is going in inverse variation with its fiat currency Lira. The adoption of the cryptocurrency is growing as Lira’s value drops, resulting in investors running towards Turkish Lira pairings with SHIB and USDT to gain decent profits. In the last one year, the currency has lost around half of its value against the US dollar and around 75% of value over the previous five years.
Though Bitcoin is still thriving as a dominant cryptocurrency by market cap and reliability, the emergence of altcoins and meme-inspired tokens have made their own significant position in the crypto industry. For instance, Turkish citizens prefer and adopt $SHIB and $USDT as alternatives.
This Ethereum based meme token is a recently evolved virtual asset created in 2020. The symbol shows the popular Japanese breed of a hunting dog, Shiba Inu. The ERC 20 Shiba Inu token is widely considered an alternative to Dogecoin, “the Dogecoin Killer,” as its proponents and its website claim it to be.
Furthermore, this meme-inspired cryptocurrency was recently listed on a Turkish cryptocurrency exchange Bitexen. And there were also reports that the crypto asset has gained 200,000 additional users. Shiba Inu currently stands at the fifteenth position by market cap and is trading at $0.0000225. It is to see how the cryptocurrency further grows in the country.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
