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The Shiba Inu SHIB/USD ecosystem Shibarium, the ecosystems burgeoning layer 2 blockchain, will be instrumental in fundraising and operational activities for the Manny Pacquiao Foundation starting Wednesday, as indicated by developers in a statement to CoinDesk.
What Happened: The foundation, named after and led by the eight-division World Boxing Champion and former Philippine Senator Emmanuel (Manny) Pacquiao, is no stranger to cryptocurrency, having accepted SHIB on its website since 2021.
"The Pacquiao Foundation is dedicated to fighting for those in need around the world and has already done so for more than a million people requiring urgent assistance, stated Jon Sisson, Executive Director of the Manny Pacquiao Foundation. Shibarium will allow us to continue this good work while scaling up operations to help millions more," he added.
Why It Matters: Shibarium's layer 2 solution, constructed atop the Ethereum ETH/USD blockchain, is designed to enable cheaper and faster transactions by sidestepping some of the typical bottlenecks associated with base chain applications.
This could be a game-changer for charities like MPF, which seek streamlined operational and fundraising avenues.
Despite a rocky start with a botched launch in August, Shibarium has bounced back, currently processing thousands of transactions daily. This resilience suggests a robust platform capable of supporting the Foundations expansive goals.
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On the Flip Side: In a broader context, the Shiba Inu ecosystem is striving to become a significant player in the decentralized finance (DeFi) landscape.
Its prime token, SHIB, which takes inspiration from Dogecoin DOGE/USD and shares the likeness of the Shiba Inu dog breed, marked its entry into the crypto race in August 2020 and has quickly risen to meme coin fame with considerable market capitalization.
Price Action: At the time of writing, SHIB was trading at $0.0000087 up 4.70% in the last 24 hours, according to Benzinga Pro.
Photo by Lorenzo Fatt Offidani on Unsplash
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