Turkey's Economy Minister to debate the adoption of the SHIB token

Since reaching one million owners at the end of 2021, the Shiba Inu (SHIB) has gained almost 200,000 new owners since the start of 2022, and the meme token's acceptance is constantly growing.


Since reaching one million owners at the end of 2021, the Shiba Inu (SHIB) has gained almost 200,000 new owners since the start of 2022, and the meme token's acceptance is constantly growing.
Shiba Inu Token

Mustafa Elitaş, Deputy Chairman of the AK Party Group and Minister of Economy for Turkey, recently addressed SHIB adoption with Shiba Inu Türkiye, a member of Turkey's "SHIB army."


According to a tweet from main Shiba Inu developer Shytoshi Kusama on March 9, Shiba Inu Türkiye had a face-to-face session with representatives from the Turkish Parliament, chaired by Mustafa Elitaş, during which the SHIB ecosystem was discussed.

The development came after Turkey's fiat currency, the Turkish Lira, depreciated rapidly in 2021 and 2022, resulting in trade activity in Turkish Lira pairings with Shiba Inu and Tether being more than five times higher than Bitcoin.


In an email, Strahinja Savic, head of statistics and analytics at Toronto-based crypto platform FRNT Financial, said, "Despite the lira's instability, local traders are still attracted to the great gains associated with currencies like SHIB."


The Lira declined against the dollar for the ninth year in a row in 2021, reaching a new low. The currency has lost 5% since the beginning of 2022, after reaching a high of 46.5 percent in 2021.


The ongoing depreciation of the Turkish Lira, the token's growing popularity, and the steady growth of its ecosystem have led the Turkish public to invest heavily in SHIB.


Any action done by the Turkish government following the meeting would be a huge victory for the Shiba Inu and its community.