Turkey May Adopt Shiba Inu, Can the Price Break Higher?

Shiba Inu (SHIB) may be adopted by Turkey, which is good news for the cryptocurrency. AK Party Group Deputy Chairman, Mustafa Elitaş discussed the possibility of adopting SHIB with Shiba Inu Türkiye, one of the SHIB army members in Turkey.

Mustafa Elitaş was informed on how Shiba Inu is structured and its benefits. The news was reported by Shytoshi Kusama, one of the SHIB developers.

source: twitter

It is not surprising to discover that Turkey is focusing on Shiba. On Binance's trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, SHIB/TRY trading volume in the past 24 hours is currently at 279,213,075 Turkish Liras.

If we compare SHIB/TRY to BTC/TRY, Bitcoin trading volumes in the past 24 hours are currently 125,621,784.68 Turkish Liras according to Binance.

Shiba Inu High Demand

The demand for Shiba Inu in Turkey surpasses Bitcoin, demonstrating the cryptocurrency's popularity in the country. It is one of the reasons Turkish officials are interested in adopting Shiba.

The other reason is the devaluation of the Turkish Lira in the Foreign Exchange (Forex) market. USD/TRY posted significant gains in the market following the replacement of Naci Ağbal with Şahap Kavcıoğlu.

source: USDTRY, tradingview

The central bank then slashed its rates from 19% to 14%. Despite other efforts to limit the depreciation of the local currency USD/TRY is maintaining its uptrend.

In February 2022, Shiba Inu was listed at Bitexen, a crypto exchange located in Turkey. In addition, Foxbit, a Brazilian cryptocurrency exchange decided to add SHIB to its exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term. Moreover, CoinJar added Shiba in November 2021.

The high interest in Shiba makes it a worthy candidate to be adopted by Turkey. If Turkey takes the step forward to adopt Shiba it will be attractive to monitor the latest developments around the token.

However, will it be sufficient to drive the price higher, possibly to $1?

Will Shiba Inu Reach $1?

The biggest question Shiba Inu investors are asking is is whether it is capable of reaching one dollar. The first milestone is to be officially recognized in Turkey. For the time being, these are merely in discussion.

Under this assumption, Turkey will officially begin using SHIB, so there must be some form of a continuation. Meaning, Turkey may be insufficient to trigger such a significant rally.

If more companies will add Shiba Inu as a payment gateway perhaps then we may see a rally in the cryptocurrency. The 'Shibarium' layer 2 development and metaverse may pick up pace in such a scenario, which may interest investors.

source: SHIB/USD weekly chart, trading view

From a technical angle, there may be some indications for corrective gains based on the next monthly close. If SHIB/USD is able to post a monthly close above 0.00002000, it may create some room for a bullish trend reversal.

If the interest in Shiba Inu is rekindled with mass buying of the cryptocurrency, 0.00006000 may be the technical target. Reaching $1 over the next 10 years cannot be ruled out as it depends on many factors.

From a technical angle, the objective of the reversal (should it begin) may be around 0.00006000.