The Shiba Inu (SHIB) meme coin project has expanded its reach into Italy in a new milestone backed by fast food chain Welly.
Welly opens its second store in Italy
According to Welly Friends' X account. The fast food company opened its second store in Reggio Emilia. It is a city in the Italian region of Emilia-Romagna.
An opening event was held to celebrate the new store. The official X account for the Shiba Inu ecosystem reacted to the post. He participated in Welly's excitement. This latest development confirms Welly's expansion into Italy. Indirectly, SHIB also expands.
Welly Friends was first launched in Italy in October 2021. By the following year, Chitoshi Kusama announced . The main developer of SHIB coin, expressed the project’s interest in entering the food business sector. So, the Shiba Inu partnered with Welly. Once the deal was signed, the fast food restaurant rebranded itself to match the Shiba Inu theme. This includes the SHIB-themed dog smiling at the brand and the store designed with blue and white interiors.
It should be noted that Welly is one of the first investors in the Shiba Inu community. It has also been integrated into SHIB's Layer 2 Shibarium measurement solution.
More Shiba Inu scales in the spotlight
Welly's integration with SHIB gives ShibArmy hope to participate in the SHIB token burn. Over the past week, SHIB's burn rate has increased by more than 530%. This sparked discussions among investors. The significant increase in burn rate has reignited market optimism among cryptocurrency enthusiasts, raising hopes of a potential rise in SHIB prices.
Unfortunately, the meme coin burn rate has dropped significantly recently and has reached -93.96% at the time of this writing.
Members of the Shiba Inu community previously launched a new burning initiative. The proposal focuses on burning 1% of all transactions involving Shiba Inu tokens. It is worth noting that this initiative was explicitly aimed at obtaining support from Binance and Coinbase. They are the two world-famous cryptocurrency trading platforms. With the SHIB burn rate being greatly reduced. Efforts may be intensified to move the burn to other cryptocurrency trading platforms as well.
This burn rate is important as a portion of SHIB's sales are about to be burned from sales accumulated from Shiba Inu payments, adding to the excitement of the community.
Meanwhile, SHIB is currently trading at $0.00001682 after losing 5.50% of its market cap in the last 24 hours. There are fears that the value of memes will decline further in the next few days.
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