Shiba Inu (SHIB) Expands Utility To Italy Via Fast Food Chain Welly

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As a researcher with a background in cryptocurrency and blockchain technology, I’m excited about the latest developments surrounding the Shiba Inu (SHIB) project, particularly its expansion into Italy through its partnership with Welly. This is an important milestone for SHIB as it continues to grow beyond just being a memecoin and ventures into other industries.

In an exciting development for the memecoin project Shiba Inu (SHIB), we’ve witnessed its expansion into Italy. This growth can be attributed to its strategic partnership with Welly, a local fast-food chain, marking a significant milestone for the community.

Welly Opens Second Store in Italy

Based on my analysis of Welly Friends’ reports, their quick-service restaurant chain has expanded by opening a new location in Reggio Emilia, a vibrant city situated in the Emilia-Romagna region of Italy.

A celebration party was held for the grand opening of the new store, which was met with enthusiasm from the Shiba Inu ecosystem’s official X account. This recent news highlights Welly’s growth in Italy and by extension, the increasing presence of SHIB as well.

Reggio Emilia @wellyfriends is officially open!

We’re so happy to see the Welly experience expanding in #Italy. Congrats to all involved

— Shib (@Shibtoken) June 24, 2024

In October 2021, Welly Friends was initially introduced in Italy. The following year, SHIB‘s chief developer, Shytoshi Kusama, expressed his company’s intentions to enter the food industry segment. As a result, Shiba Inu collaborated with Welly Friends. After finalizing the agreement, the fast-food chain underwent a transformation to fit the Shiba Inu theme. This revision encompassed the incorporation of an SHIB-themed dog in the branding and the establishment of a store interior characterized by blue and white hues.

As a crypto investor, I’d like to share that I was among the early backers of the Shiba Inu project. Furthermore, Welly has been actively involved in the Shiba Inu ecosystem by integrating with their Layer-2 scaling solution named Shibarium.

More Shiba Inu Metrics In The Spotlight

Welly’s connection to SHIB brings excitement for ShibArmy members, as they now have the opportunity to contribute to the burning of SHIB tokens. Over the past week, the token burn rate for SHIB has surged by over 530%, leading to buzz among investors. The substantial rise in the burn rate has revived market confidence within crypto community, instilling hope for a possible price surge for SHIB.

Regrettably, the memecoin with a dog theme has experienced a substantial decrease in its burn rate in more recent periods, reaching approximately 93.96% below its previous value as of now.

The Shiba Inu community introduced a fresh burn program earlier on. This plan targets burning 1% of every transaction made with Shiba Inu tokens. Notably, this project was designed specifically to attract the attention and backing of major cryptocurrency platforms like Binance and Coinbase. With a relatively low SHIB burn rate currently in effect, there may be increased emphasis on expanding the burn mechanism to additional crypto exchanges as well.

As an analyst, I would note that a considerable amount of SHIB coins are destined to be burned from transaction fees generated through Shiba Inu payments. This process adds fuel to the community’s enthusiasm.

At present, SHIB‘s price hovers around $0.00001682 following a 5.50% decrease in value over the past 24 hours. Some investors worry that the memecoin could experience additional declines in the coming days.

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2024-06-24 18:26