Mustafa Elitaş, who is also Deputy Chairman of the AK Party’s Group and Turkey’s Minister of Economics, recently talked about SHIB adoption with Shiba Inu Türkiye.
Shiba Inu gaining popularity in Turkey
The Shiba Inu (SHIB) has seen a surge in popularity since hitting the one million mark at the end of 2021, with around 200,000 new owners joining its ranks since the start of 2022. By the looks of it, the adoption of the SHIB is still increasing.
The SHIB ecosystem was discussed in face-to-face meetings with officials from the Turkish Parliament, chaired by Mustafa Elitaş, according to a March 9 tweet by lead Shiba Inu developer Shytoshi Kusama.
— Shytoshi Kusama™ (@ShytoshiKusama) March 9, 2022
Turkish lira’s relation with SHIB
In 2021 and 2022, when Turkey’s fiat currency, the Turkish Lira, rapidly deteriorated, trading activity in Turkish Lira pairings with Shiba Inu and Tether was more than five times greater than Bitcoin.
Strahinja Savic, head of data and analytics at crypto platform FRNT Financial told CoinDesk that:
“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.”