- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.
Gaming token Notcoin down by almost 50% after airdrop launch
NOT experienced a rapid decline hours after its anticipated launch on Thursday, shedding almost 50% of its value. This continues the cycle of huge selling pressure faced by cryptocurrency airdrops after their launch, especially the launch of gaming tokens in recent times.
Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally. The price action follows predictions from the community regarding the SEC's decision on spot ETH ETFs next week.
SUI price defends $0.8880 amid multiple Sui network integrations
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.