Shiba Inu: Billion-$-industry in Paris begin accepting SHIB as payment

• Shiba Inu, among other crypto assets supported by Binance Pay and Alchemy Pay, can be used to pay for Instapower power bank rentals at Burger King restaurants. 
• Shiba Inu trading volume is up approximately 57 percent in the past 24 hours to stand at around $211M on Monday.

The second largest meme coin, Shiba Inu (SHIB), has attracted massive attention from whale investors following the instability in the global banking sector and rising worldwide inflation. According to on-chain data from explorer, the Shiba Inu coin takes pride in over 1,330,370 holders. Among the top Shiba Inu (SHIB) whales include centralized cryptocurrency exchanges like Binance, OKex, Gate.io, Crypto.com, and Poloniex, among others. However, it is the unnamed individual whales that spice up the Shibarmy. 

As a result, Shiba Inu traders have gained confidence in liquidity provision on centralized and decentralized exchanges. Notably, Shiba Inu reported a 24-hour total trading volume of approximately $221,834,452. Moreover, the ShibaSwap ecosystem has significantly grown by connecting with multiple chains to allow users to swap digital assets seamlessly.

Currently, the Shiba Inu community is largely thrilled by the development of the Shibarium layer 2 scaling solution. Furthermore, the Shibarium layer 2 network brings many advantages to the Shiba Inu network, including more transaction burns. 

Notably, transaction burns are taken very seriously in the Shiba Inu ecosystem, with approximately 410,341,407,182,067.20 SHIB, representing about 41.03 percent of the total supply, already burned. Interestingly, over 834,804,461 Shiba Inu coins have been burned in the past seven days, according to SHIB burn tracker Shibburn.

In the last 7 days, there have been a total of 834,804,461 $SHIB tokens burned and 82 transactions. #shib

— Shibburn (@shibburn) March 26, 2023

Shiba Inu and Real World Utility 

The Shiba Inu ecosystem has largely grown to the top 20 digital assets by market capitalization through speculation. According to the latest market data from Coingecko, Shiba Inu price is up nearly 20 million in percentage value from its all-time low, around $0.000000000056366 back in November 2020. Nevertheless, the Ethereum-based meme coin is down over 87 percent from its ATH, around $0.00008616, achieved in October 2021.

As the competition in meme coins significantly spikes, the Shiba Inu community understands speculation alone cannot fuel the coin to $0.1. Furthermore, the meme coin industry has a market capitalisation of about $17.8 billion and a 24-hour trading volume of approximately $624 million. 

As a result, the Shiba Inu community has been pushing for real-world use cases, including being used as a payment form for retail businesses. In the latest developments, Shiba Inu holders can now use the meme coin in Burger King, an American-based multinational chain of hamburger fast food restaurants. 

At restaurants in Paris, the global fast-food chain Burger King, has installed the popular Instpower power bank rental machines that accept crypto payments facilitated by crypto payment providers, Alchemy Pay and Binance Pay. https://t.co/jZ66NwwJCO

— Wu Blockchain (@WuBlockchain) March 27, 2023

Notably, Shiba Inu, among other crypto assets supported by Binance Pay and Alchemy Pay, can be used to pay for Instapower power bank rentals on the restaurant chains. 

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.