Shiba Inu (CCC:SHIB-USD) is a fun currency for crypto investors to get into; it’s got a cult following, a relatively simple staking ecosystem, and it’s branded in a puppy-themed package. Of course, it also has its drawbacks. One is that it’s not a currency one can transact for goods. But what if that changed? Would SHIB see widespread adoption if investors were able to go out and buy things like groceries or gas with their coins? Well, the network’s new partnership takes a step toward a world where that’s a real possibility. The announcement is also doing well to help Shiba Inu bounce back after a down week.
SHIB has been driving some impressive transaction volume recently. The coin, labeled by many as a meme crypto, is looking more and more serious as it sees an average of $1 billion in SHIB exchanged daily. Swaths of investors are buying at least some SHIB for their portfolios as the network continues to demonstrate its aptitude as a store-of-value play.
Over the last week, though, the coin has run into some volatility. After its multi-hundred-percent gains through the beginning of October, it looked like a downturn would be likely; the coin’s seven-day average stands at a loss of about 7%. But, an announcement from the network is helping to reverse these losses before they become too drastic.
Shiba Inu Recovers as SHIB Lands on Coin Cloud ATMs
Friday afternoon saw an announcement that many have been seeking for a while now; Shiba Inu is available to transact through Coin Cloud’s thousands of crypto ATMs nationwide. Coin Cloud is a Las Vegas-based crypto ATM operator. It has employed over 4,000 machines across the country for easy access to crypto trading.
With the announcement, the barrier to entry to buy Shiba Inu is lower than ever. One can simply find a Cloud Coin ATM near them, put their cash in and convert it to SHIB. Likewise, SHIB holders can withdraw their SHIB holdings as cash immediately at one of these ATMs, making it easier than ever to buy goods and services using the crypto.
As investors digest this new use case for the currency, the coin is rebounding. As SHIB gets into its first week as an ATM compatible currency, it is seeing gains of over 14%. Indeed, transaction volume is on the rise, with nearly $4 billion in Shiba Inu swapping hands so far today; that’s a threefold increase on daily average volumes. The coin is proving once again that it’s not willing to fall off from its current momentum.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.