Mustafa Elitas, Deputy Chairman of the AK Party Group and Minister of Economy of Turkey, is said to have met with members of the Turkish Shiba Inu ($SHIB) community to discuss the country’s adoption of the meme-inspired cryptocurrency.
According to a tweet released by the country’s SHIB community and later applauded by Shiba Inu lead creator Shytoshi Kusama, Turkey’s Minister of Economy met with a Turkish member of the community and discussed the SHIB ecosystem.
The meeting took place just after the meme-inspired cryptocurrency surpassed $FTT, the native cryptocurrency of the FTX exchange, as the second-biggest position in the largest Ethereum whales’ portfolios, trailing only $ETH itself.
Ethereum whales have been stockpiling SHIB as plans to burn the meme-inspired cryptocurrency’s supply expand through multiple initiatives.
Steven Cooper, CEO of bitcoin entertainment startup Bigger Entertainment, confirmed in a tweet that the company intends to help the meme-inspired cryptocurrency community by burning 10% of its supply. Only 59 percent of Shiba Inu’s initial supply is still in circulation, with over 410 trillion SHIB burned since the cryptocurrency’s inception.
Turkey’s adoption of SHIB has increased over time as the value of the country’s fiat currency, the lira, has fallen. Over the last year, the currency has lost about half of its value versus the US dollar, and over the last five years, it has lost more than 75% of its value.
While Bitcoin has historically been a preferred digital store of value asset for countries in similar situations, Turkish citizens are apparently turning to $SHIB and $USDT as alternatives. According to statistics from CryptoCompare. The Turkish Lira accounts for 5.2 percent of SHIB’s global trading volume, trailing only the major stablecoins USDT and BUSD, as well as the US dollar.
The meme-inspired cryptocurrency was also recently added to Wirex, a leading digital payments platform with over 4.5 million users who can spend dozens of currencies at more than 80 million places globally.
Wirex claims to have developed the world’s first cryptocurrency-enabled payment card in 2015. It moved to the United States earlier this year and included a slew of other cryptocurrencies, including Polygon ($MATIC), Binance’s $BNB, Avalanche ($AVAX), and Fantom ($FTM).