Turkey’s Economy Minister met with citizens to discuss SHIB adoption

Turkey's Economy Minister met with citizens to discuss SHIB adoption
7 months ago
3 mins read

Since hitting the one million holder mark at the end of 2021, the Shiba Inu (SHIB) has gained approximately 200,000 new owners since the beginning of 2022, and the adoption of the meme token is still increasing. 

Most recently, Deputy Chairman of the AK Party Group and Minister of Economy for Turkey, Mustafa Elitaş, discussed the adoption of SHIB with Shiba Inu Türkiye, a ‘SHIB army’ member from Turkey.

In particular, Shiba Inu Türkiye had a face-to-face discussion with officials from the Turkish Parliament, chaired by Mustafa Elitaş, during which the SHIB ecosystem was addressed, according to a tweet on March 9 by lead Shiba Inu developer Shytoshi Kusama.

“FANTASTIC NEWS. Global adoption continues to grow! Shibarmy Thank you [email protected] for meeting with @shibaturkish !!!”

Turkish lira trading activity with SHIB

The development occurred off of the heels of rapid depreciation of Turkey’s fiat currency, the Turkish Lira, in 2021 and 2022, which resulted in trading activity in Turkish Lira pairings with Shiba Inu and Tether being more than five times higher than Bitcoin. 

“The data shows despite the instability faced by the lira, local traders are still attracted to the exceptional returns associated with coins such as SHIB,” Strahinja Savic, head of data and analytics at Toronto-based crypto platform FRNT Financial, told CoinDesk in an email.

In 2021, the Lira fell against the dollar for the ninth year in succession, marking a historic low. Since the beginning of 2022, the currency has fallen by 5%, with a peak of 46.5% in 2021.

The continued devaluation of the Turkish Lira, the growing adoption of the token, and the steady development of its ecosystem have prompted the Turkish populace to aggressively invest in SHIB. 

Any action taken by the Turkish government after the meeting would be an enormous achievement for Shiba Inu and its community.

SHIB price

Currently, Shiba Inu is trading at $0.00002295, down 5.65% on the day and 9.92% in the last seven days, according to CoinMarketCap data.

SHIB 1-day price chart: Source: CoinMarketCap

The meme token has a total market worth of $12.6 billion and is now facing a continuous decline in on-chain transactions for the fourth month in a row.

Nevertheless, if there is another bull run in the crypto market with altcoins, investors will be looking out to see if SHIB can return to all-time highs, something Finbold analyzed in-depth in our Shiba Inu price prediction for 2022.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.