Shiba Inu price to enter relief rally after partnering with Italian fast-food restaurant
- Shiba Inu announced a new partnership with Welly’s blockchain-based fast-food chain in Naples, Italy.
- The partnership with the Italian fast-food restaurant is Shiba Inu’s first step into the realm of real-world projects.
- The team behind Shiba Inu revealed that the Shiba Inu community could take decisions for the project through Doggy Dao.
- Analysts identify a chart pattern that signals a potentially explosive breakout in Shiba Inu price.
Shiba Inu revealed a new partnership with fast-food chain Welly’s. This marks the first real-world use case for the Dogecoin-killer meme coin. Analysts have predicted a bullish impact on Shiba Inu price.
Shiba Inu ventures into real-world with new partnership
Shiba Inu has found its way to the real world through its new partnership with an Italian fast-food restaurant chain. Welly’s has adopted blockchain technology and completed a full rebrand making Shiba Inu its mascot.
The partnership boosts the utility of Shiba Inu through real-life transactions. Though Welly’s is not a centralized conglomerate, the brand accommodated a complete makeover to fit Shiba Inu’s ethos. The development team believes an adoption of the Shiba Inu technology stack will follow in the future.
In association with Shiba Inu, Welly’s plans to expand and open multiple stores in 2022 and 2023, assuring higher utility and demand for SHIB tokens from this real-world application of the meme coin.
In the blog post announcing the partnership, the Shiba Inu team quotes that SHIB is a method of payment at the fast-food chain and LEASH, Shiboshi holders would have exclusive access to discounts, rewards and other perks.
The Shiba Inu community can participate in decision-making at Welly’s in its expansion through Doggy DAO and the purchase of NFTs.
SHIB x WELLY’s #ShibArmy join us in welcoming @wellyfriends, our newest partnerSHIB!#ShibFoodie #ShibWellys #Partnershib #Shib pic.twitter.com/eP694uz6Ye
— Shib (@Shibtoken) February 2, 2022
Shiba Inu is likely to gain popularity as a medium of exchange akin to Dogecoin with the new partnership. Investors are, therefore, bullish on Shiba Inu price and predict a bullish breakout in the Dogecoin-killer.
Crypto analysts at the YouTube channel Ahead of the Trade have identified similarities between the current volatility and volume of Shiba Inu and that noted in October 2021.
Analysts argued that the breakout in October 2021 was preceded by an extended period of consolidation, followed by a reduction in price volatility. Historically, periods of low volatility are followed by a breakout in Shiba Inu price. A similar price trend and volatility implies an explosive rally in Shiba Inu could be on the horizon.
FXStreet analysts believe that Shiba Inu price could top out at around $0.00004.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
