Shiba INU: Should Be The New Turkish Fiat?

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

The development came on the heels of Turkey's fiat currency, the Turkish Lira, rapidly depreciating in 2021 and 2022, resulting in trading activity in Turkish Lira pairings with Shiba Inu and Tether. The ongoing depreciation of the Turkish Lira, as well as the steady expansion of its ecosystem, has spurred the Turkish people to invest aggressively in SHIB.

“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 said.