The increase in the tendency towards cryptocurrencies as a result of the loss of the Turkish lira in Turkey is spoken by many experts. The last of these was Omkar Godbole. Godbole noted that Turkish citizens are flocking to altcoin projects such as Shiba Inu (SHIB) and stablecoin Tether (USDT). cryptocoin.com We share the details as…
These 2 altcoins stand out in Turkey
The analyst stated that the trading volume of the Bitcoin/Turkish lira pair on the crypto exchange Binance reached $918 million in November. This figure is well below the $5.26 billion trading volume created by the Shiba Inu/TL pair and the $5.58 billion traded volume created by the Tether/TL pair. Strahinja Savic, head of data and analysis at Toronto-based crypto platform FRNT Financial, said: “The data shows that despite the instability facing the lira, local traders are still affected by the exceptional returns associated with coins like SHIB.”
With a huge supply of 1 quadrillion coins, SHIB is extremely cheap compared to major cryptocurrencies. At the time of writing, SHIB/TRY was trading around 0.00049 lira on Binance, while BTC/TRY was changing hands at 698,298 lira. According to Savic, traders in Turkey use Tether as a tool to invest in dollars. Tether, the world’s largest stablecoin by market capitalization, is backed by a basket of reserves and is stable at 1:1 against the dollar. It is considered a digital version of the US dollar, with the ability to move freely between exchanges and national borders, bypassing traditional banking channels.
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