Tether, SHIB Compete With Bitcoin in Inflation-Ridden Turkey as Lira Tumbles

Posted on by American Coins & Gold

Tether, SHIB Compete With Bitcoin in Inflation-Ridden Turkey as Lira Tumbles
Turkish citizens, facing high inflation and a plunging currency, are shunning the example set by some foreign public companies that have adopted bitcoin as a store-of-value asset. Instead, they’re flocking to alternative cryptocurrencies like shiba inu (SHIB) and the stablecoin tether (USDT).Trading volume in the bitcoin-Turkish lira currency pair on crypto exchange Binance totaled $918 million in November, less than a fifth the level of the shiba inu-lira value of $5.26 billion and tether-lira’s $5.58 billion.“The data shows despite the instability faced by the lira, local traders are still attracted to the exceptional returns associated with coins such as SHIB,”…