Shiba Inu (SHIB) is one of the most talked about crypto projects ever. Its popularity has gone through the roof in its just two years of existence. Moreover, the project has a lot of dreams riding on it. Many people anticipate SHIB to go to the moon again, and consequently provide heavy returns.
Now, along with Shiba Inu’s popularity has come the desire for many businesses to accept the canine-themed token. Almost everyone in the crypto community is aware of the Shib Army, and its massive numbers. Thus it only makes sense as a business to accept a token that is so widely talked about.
The latest to join the SHIB-accepting bandwagon is W Hotel in Dubai, UAE (United Arab Emirates). W Hotel us a 5-star luxury hotel, with its own private beach with views of the city skyline and Arabian Gulf.
Although Travala had began accepting SHIB in early 2022, W Hotels is the newest member in the club.
Moreover, Dubai is one of the most crypto-friendly places in the world. The crypto sector has taken full form in the region with many businesses accepting crypto for their services and products.
Why is Shiba Inu (SHIB) fallin today?
SHIB, along with the larger crypto market, is on a downward trajectory as of today. The development is most likely due to two events that are almost upon us. Firstly, the U.S. mid-term elections are scheduled for tomorrow. Elections usually lead to some volatility in the markets. Rising costs and inflation are at the center of this years discussions. Secondly, the U.S. Federal Reserve will release its October inflation data on November 10th, just two days after the mid-term elections. As per analysts, inflation rate could come in at 7.9%, 0.3% lower than in September.
At press time, SHIB was trading at $0.00001116, down by 7.2% in the last 24-hours.