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

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’s is structured and its benefits. The news were reported by Shytoshi Kusama, one of SHIB developers.

shibarmy

source: twitter

It is not surprising to discover that Turkey is focusing on Shiba. In Binance  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-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.

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-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.
Read this Term
, SHIB/TRY trading volume in the past 24 hours is currently 279,213,075 Turkish Liras.

If we compare SHIB/TRY to BTC/TRY, Bitcoin trading volumes against the Turkish Lira 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. USDTRY posted significant gains in the market following Naci Ağbal replacement with Şahap Kavcıoğlu.

usdtry

source: USDTRY, tradingview

The central bank then slashed rates from 19% to 14%. Despite other efforts to limit the depreciation of the local currency USDTRY 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 effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.

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 effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term
. CoinJar also added Shiba in November 2021.

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.

Will it however be sufficient to drive the price higher, possibly to $1?

Will Shiba Inu Reach $1?

The biggest question Shiba Inu investors have 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 discussions.

Under the assumption Turkey will officially begin using SHIB, 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.

Shiba Inu USD

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 0.0002000, it may create some room for a bullish trend reversal.

If the interest in Shiba Inu is rekindled with mass buying of the cryptocurrency, 0.0006000 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 0.006000.

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’s is structured and its benefits. The news were reported by Shytoshi Kusama, one of SHIB developers.

shibarmy

source: twitter

It is not surprising to discover that Turkey is focusing on Shiba. In Binance  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-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.

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-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools.
Read this Term
, SHIB/TRY trading volume in the past 24 hours is currently 279,213,075 Turkish Liras.

If we compare SHIB/TRY to BTC/TRY, Bitcoin trading volumes against the Turkish Lira 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. USDTRY posted significant gains in the market following Naci Ağbal replacement with Şahap Kavcıoğlu.

usdtry

source: USDTRY, tradingview

The central bank then slashed rates from 19% to 14%. Despite other efforts to limit the depreciation of the local currency USDTRY 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 effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.

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 effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term
. CoinJar also added Shiba in November 2021.

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.

Will it however be sufficient to drive the price higher, possibly to $1?

Will Shiba Inu Reach $1?

The biggest question Shiba Inu investors have 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 discussions.

Under the assumption Turkey will officially begin using SHIB, 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.

Shiba Inu USD

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 0.0002000, it may create some room for a bullish trend reversal.

If the interest in Shiba Inu is rekindled with mass buying of the cryptocurrency, 0.0006000 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 0.006000.

Original Source