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Shiba Inu (SHIB) Hailed by Boxing Legend Manny Pacquiao

Thu, 30/05/2024 – 14:56

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Legendary boxing champion Manny Pacquiao recently applauded Shiba Inu (SHIB) for supporting his foundation’s philanthropic efforts. At the same time, Pacquiao expressed excitement for Shibarium, Shiba Inu’s layer-2 blockchain platform.

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Manny Pacquiao’s gratitude for SHIB

Not much was known of the collaboration between Shiba Inu and Pacquiao until this time. 

“Hello, Shib community! Thank you for your commitment to helping those in need. We appreciate your continued support for the Manny Pacquiao Foundation (MPF) and we are excited for Shibarium,” Pacquiao stated in a special message.

Typically, an endorsement from an influential personality like Pacquiao is expected to have a positive impact on the price of SHIB. This is because an endorsement from influential figures can lend credibility to a cryptocurrency and potentially increase investor confidence.

However, the price of SHIB appears to be moving in the opposite direction. At press time, SHIB is priced at $0.00002672, down by 1.59% in the past day. Also, the trading volume decreased by 38.9% to $1.4 billion, indicating dwindling interest from investors.

Nonetheless, Pacquiao’s collaboration with the Shiba Inu ecosystem establishes a standard for how crypto can be used for the greater good. As the world watches the intersection between crypto and philanthropy, more individuals and corporations could take up similar initiatives.

Positive Developments in Shibarium

Pacquiao’s goodwill message coincides with positive developments in the Shibarium ecosystem. 

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Per earlier reports from U.Today, the network said it has reduced bridge time from Shibarium to Ethereum to approximately 45 minutes from seven days. As a result, BONE withdrawals from Shibarium to the Ethereum chain will be much faster and smoother.

Meanwhile, Shibarium recently clinched a new milestone, recording 60% growth in transaction volume. According to the details, transaction volume soared 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.

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