Shiba Inu Adoption Grows as Brazilians Embrace SHIB for Payments

After the introduction of Binance Pay, Brazilians have the ability to utilize Shiba Inu (SHIB) for making payments. Brazil ranks among the top ten countries in terms of cryptocurrency users, and the launch of Binance Pay has the potential to attract a significant number of new users in the region.

We’re excited to announce that #Binance Pay has now launched in Brazil! 🇧🇷

Local businesses in the country can now access all the benefits of accepting crypto payments, including increased speeds and lower costs.

Find all the details below. https://t.co/s2av5QsCNC
— Binance (@binance) August 22, 2023

This launch aligns with a surge in the number of Shiba Inu (SHIB) wallets, which has now surpassed 10 million. Additionally, according to data from CryptEye, there are currently 2,418,891 SHIB holders, with an increase of 665 in the past 24 hours.

Since the introduction of Shibarium, SHIB has experienced a noteworthy surge in adoption. Although the launch didn’t proceed as intended and encountered some difficulties, it still caught the interest of the broader cryptocurrency community. Shortly after its launch, the network had to be temporarily stopped due to overwhelming traffic.

Nevertheless, the team has made improvements to the network and is now prepared to redeploy it.

Increase in Adoption Anticipated for Shiba Inu?

The introduction of Shibarium and the growing accessibility of SHIB as a payment option are anticipated to bolster demand for the popular memecoin. Shibarium, with its objective of enabling real-world applications, offers a dedicated blockchain for other projects to build upon. Additionally, the integration of SHIB with Binance Pay could further drive its adoption as a payment method.

Notably, this surge in demand may potentially result in an upward price movement for SHIB in the near future. However, presently, Shiba Inu (SHIB) remains on a bearish trajectory. The timing of the Shibarium launch coincided with a significant market correction, leading to substantial declines in major projects.

At the time of writing, SHIB was valued at $0.00000834, representing a 8.21% decrease over the previous week.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.