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Highlights
- Shiba Inu's fast food partner Welly has deepened its root in Italy
- The expansion marks additional avenue for Shiba Inu to showcase its utility
- Upside lies in SHIB burning which may also impact prices ultimately
Memecoin project Shiba Inu (SHIB) has expanded its reach to Italy in a new milestone powered by its fast-food chain, Welly.
Welly Opens Second Store in Italy
According to the X account of Welly Friends, the fast-food has opened its second store in Reggio Emilia, a city in Italy’s Emilia-Romagna region.
An opening party was organized to celebrate the new store. The official X account of the Shiba Inu ecosystem reacted to the post, sharing in the Welly excitement. This latest development underscores Welly’s expansion in Italy and indirectly, SHIB’s expansion as well.
🇮🇹 Reggio Emilia @wellyfriends is officially open! 🇮🇹
We’re so happy to see the Welly experience expanding in #Italy. Congrats to all involved 🥳 https://t.co/P7btaxv7mg
— Shib (@Shibtoken) June 24, 2024
Welly Friends was first launched in Italy in October 2021. By the next year, SHIB’s lead developer Shytoshi Kusama announced his firm’s interest on venturing into the food business segment. Therefore, Shiba Inu partnered with Welly. Once the deal was signed, the fast-food joint rebranded itself to align with the Shiba Inu theme. This includes the SHIB-themed dog smiling in the branding and the store designed with blue and white interiors.
It is worth noting that Welly is an early investor in the Shiba Inu community and it is also integrated into SHIB’s Layer-2 scaling solution Shibarium.
More Shiba Inu Metrics In The Spotlight
Welly’s integration with SHIB gives ShibArmy the hope that it will take part in actively burning SHIB tokens. Over the past week, SHIB burn rate has soared by more than 530%, sparking discussions amongst investors. The significant increase in the burn rate reignited market optimism among crypto enthusiasts as it sparked hopes for a potential price rally for SHIB.
Unfortunately, the burn rate of the dog-themed memecoin has plunged significantly in recent times and pegged -93.96% at the time of this writing.
Members of the Shiba Inu community previous rolled out a new burn initiative. The proposal is focused on burning 1% of all transactions involving Shiba Inu tokens. Notably, this initiative was explicitly aimed at garnering support from Binance and Coinbase, two globally renowned cryptocurrency exchanges. With the SHIB burn rate significantly low, efforts may be intensified towards taking the burn to other crypto exchanges as well.
This burn rate is significant as a portion of the SHIB sales is poised for burning from sales accrued from Shiba Inu payments, adding to the community’s excitement.
Meanwhile, SHIB price is currently priced for $0.00001682 after losing 5.50% of its market value within the last 24 hours. There are concerns that the memecoin may plunge further in the next few days.
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