A post on a Twitter account associated with Turkish supporters of the Shiba Inu coin claims that members of the local Shiba Inu army have met with Economy Minister Mustafa Elitas. In case anyone has forgotten the dense course of events, the Shiba Inu is Elon Musk's second favorite junk coin after the DOGE. The SHIB coin was given life when the DOGE coin had run out and needed some new coins, just as the Shiba Inu coin followed the Floki Inu coin after running out of enthusiasm. During the so-called meeting, they discussed in principle how the Shiba Inu coin could function as an everyday currency. The tweet was also shared by Shytoshi Kusama, head of the token development team. He has been outspoken about "increasing global adaptation".

Dog coin, Shiba Inu, Fuki dog: moon landing

Although the coin's price has been steadily declining since November, data shows that many whales, but only some, have started to increase their holdings of it. According to CryptoGlobe, Shiba Inu is already the second most popular cryptocurrency among whales, with only ETH running away with it. The token's price first exploded in May 2021, rising thousands of percent to $40 million in just two weeks. However, by the end of May, the exchange rate had fallen back to $5 million and remained in the $50-$10 million range until the second week of October this year. It was then that another exchange rate explosion began, with the value of the coin soaring to $90 million, but the enthusiasm only lasted a few weeks. Currently, the token is trading at an exchange rate of about $20 million.

The Turkish lira has been depreciating for years, as has inflation in Turkey, largely due to Erdogan's authoritarian rule and unorthodox economic policy philosophy. Cryptocurrencies have been banned in an attempt to protect the lira in this way, but this trend seems to be easing recently as more and more people turn to alternative financial instruments instead of the Turkish lira, which is slowly becoming toilet paper. However, the fact that the Shiba Inu coin plays any meaningful role in the Turkish economy sounds rather steep, so many say the news is more of an auction to see if it can breathe life into the dying exchange rate.

(Resources)