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Shiba Inu with a tailwind in India and Turkey

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The acceptance of the Shiba Inu memecoin continues to spread in India, while the SHIB token could protect Turks from inflation.

While the US crypto exchange Robinhood has not yet managed to get a Shiba Inu listing, the Indian market leader Ubocoin is already one step further. Because the company announced last Monday to enable its customers to buy and sell with the currently most important Memecoins, Dogecoin and Shiba Inu, from now on. While Doge can be traded against the national currency rupee, Shiba Inu can only trade in conjunction with the Stablecoin Tether (USDT).

Shiba Inu is still on the rise. So the expansion continues in India as well. At the beginning of October, actually before the actual start of the hype, ZebPay listed the SHIB token. Last month, CoinDCX, India’s number one crypto unicorn, integrated Shiba Inu into its retail-focused application.

The Turkish Lira / Shiba Inu trading pair is making strong gains

Meanwhile, there are tendencies that many Turkish citizens resort to SHIB to protect their national currency from inflation. This is possible from media reports who investigate the trading of certain cryptocurrencies with the Turkish Lira (TRY). Accordingly, the trading volume for the trading pair BTC / TRY was Binance in November 918 million USD. This is less than a fifth of the trading volume of the SHIB / TRY (USD 5.26 billion) and USDT / TRY (USD 5.58 billion) trading pairs. The Turkish lira has lost 87 percent of its value this year. The country’s inflation is currently over 20 percent. Crypto-based payments are banned in Turkey. however, possession of such is permitted by law.

High inflation – there is nowhere to hide

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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