According to U.Today, Manny Pacquiao, the legendary boxing champion, has recently praised Shiba Inu (SHIB) for its support towards his foundation's philanthropic activities. Pacquiao also expressed his enthusiasm for Shibarium, Shiba Inu's layer-2 blockchain platform. The collaboration between Shiba Inu and Pacquiao was not widely known until now. Pacquiao thanked the Shiba Inu community for their commitment to helping those in need and their continued support for the Manny Pacquiao Foundation (MPF). He also expressed his excitement for Shibarium.
Typically, endorsements from influential figures like Pacquiao are expected to positively impact the price of the endorsed cryptocurrency, as they can lend credibility and potentially increase investor confidence. However, the price of SHIB seems to be moving in the opposite direction. At the time of reporting, SHIB was priced at $0.00002672, a decrease of 1.59% in the past day. The trading volume also decreased by 38.9% to $1.4 billion, indicating a decrease in investor interest. Despite this, Pacquiao's collaboration with the Shiba Inu ecosystem sets a precedent for how cryptocurrency can be used for the greater good. This could inspire more individuals and corporations to undertake similar initiatives.
Pacquiao's message of goodwill coincides with positive developments in the Shibarium ecosystem. According to earlier reports, the network has reduced the bridge time from Shibarium to Ethereum to approximately 45 minutes from seven days. This means that BONE withdrawals from Shibarium to the Ethereum chain will be much faster and smoother. Shibarium also recently achieved a new milestone, recording a 60% growth in transaction volume. Transaction volume increased from 5,150 to 7,930 in just 24 hours, leading to a sharp increase in network fees. The number of BONE tokens used to cover these costs increased from 16.68 BONE to 32 BONE.