Meme coins are finding real-world applications today, despite the bear market. Dogecoin (DOGE) was the first meme coin adopted for practical use by billionaire Elon Musk and his automobile brand, Tesla.
Shiba Inu (SHIB), famed as the “Dogecoin killer,” is not very far behind. Shiba Inu has made remarkable advancements since its inception in 2020, including launching its proprietary DEX, ShibaSwap, and other staking protocols to allow SHIB holders to earn more crypto.
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In yet another win for the Shiba Inu ecosystem, the W Dubai, a 5-star luxury hotel situated in the heart of Dubai, United Arab Emirates, now accepts SHIB, a meme coin, as payment. The hotel regards the move as a means of getting involved with digital currencies.
The W Dubai is a top-rated hotel in Dubai’s central business district. It attracts tourists and locals as it’s one of the more luxurious hotels with exciting side attractions. The hotel has 349 rooms. According to CoinGecko, the average price of a hotel room is $700, equal to 65 million Shiba Inu coins.
Shiba Inu is a meme coin created in August 2020 by an anonymous developer known as “Ryoshi.” The memecoin gained popularity via the tweets of top crypto influencers in 2021. The token is listed on several reputable exchanges, including Binance, KuCoin, OKX, Huobi Global, and Kraken. Like DOGE, news significantly impacts SHIB’s price, positively or negatively, resulting in higher volatility than usual.
SHIB getting accepted as payment in a five-star hotel will add more value to the token than regular meme creation or talks. Such advancements would undoubtedly entice more brands and companies to investigate it and make it an acceptable means of settlement.
The widespread adoption and relevance of digital currencies begin when they are used in everyday transactions, becoming well-known and familiar to the general public. Back in the day, the only widely accepted tokens were BTC, ETH, and BNB, but meme coins are gaining traction today.
Another five-star hotel in Dubai, the Palazzo Versace, recently started accepting cryptocurrency payments, processing them through Binance.
Dubai is well-known for embracing and supporting technological advancements in sectors such as blockchain technology, artificial intelligence, and machine learning, to name a few.
It is not surprising that the country is at the forefront of cryptocurrency adoption. The popular tourist destination shows no signs of relenting in its quest to become the world’s most crypto-centric country.
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