The popular meme coin Shiba Inu is poised to take the fashion industry by storm as reports surfaced that the Italian fashion designer will make it part of his latest collection. Shiba Inu has already entered mainstream business activity, with multiple cryptocurrency payment processors accepting SHIB, including Welly’s SHIB-themed fast food restaurant, according to a Binance report. This time, Meme Coin is making its foray into the fashion industry with a collection of Shiba Inu-themed clothing.
An Italian fashion designer named John Richmond took to Twitter earlier to reveal his latest collection. However, the varsity jacket featured the designer’s initials JR. According to Binance, Richmond said the photo was a sneak peek into the collection.
Additionally, the designer had previously posted a photo of the hoodie with the hashtag #Shibafashion, among other tags. I wear it. Interestingly, the account’s profile picture does not feature the official Shiba Inu logo, but a cartoon version of the Shiba Inu breed. Shiba Inu and John Richmond announced a partnership in 2022, and the designer has showcased his SHIB clothing at fashion events such as Milan Fashion Week, but the designer has yet to reveal a release date for the SHIB-themed clothing collection. Is not.
Shiba Inu’s price performance is largely driven by hype, and the more exposed the coin is, the more likely it is that a meme coin will collect, making partnerships like John Richmond’s key, the report says. The design of will help put cryptocurrencies in front of an audience of potential crypto investors, the report added.
Amazon’s Web3 Foray Likely to Be a Compliance Nightmare
Just days after rumors circulated that Amazon had announced its Web3 initiative, reports say it remains a mystery what form the project will take when it comes to fruition. Coindesk reports that Amazon’s projects could include games, NFT marketplaces, or anything related to them. The report goes on to say that either the regulatory complexity and uncertainty of doing this will cause the project to fail before it even starts, or Amazon will “make a market” with it and have the scale and scale to bring the Web3 economy into the mainstream. said that
Additionally, according to the report, the leading blue-chip companies generally avoid Web3 due to legal uncertainty. “Of course, payment companies such as Visa and Mastercard are striving to integrate stablecoins into their networks, many crypto nodes are hosted on Amazon’s cloud service AWS, and big tech and TradFi companies are pushing the crypto economy. is a regular investor in,” the report said. .
But they are still stakeholders in the Web3 economy, embracing the spirit of decentralized ownership, regulatory uncertainty and lack of explicit interference. The report adds that Amazon’s efforts, if successful, could be transformative, which means addressing regulatory issues.
US Institutions Account for 85% of Bitcoin Purchases: Report
A report from new financial services firm Matrixport reveals that institutional investors are “not giving up on cryptocurrencies,” with recent data showing 85% of Bitcoin purchases are by American institutions. is shown. Markus Thielen, chief strategist and head of research and strategy at Matrixport, told crypto news outlet Cointelegraph that the evidence shows the institution “hasn’t given up on crypto” and that the new “crypto bullish It shows that it may be entering the market now.
According to Binance, data from the Jan. 27 Matrixport report showed that digital assets favored both retail and institutional investors based on whether the asset performed well during US or Asian trading hours. It suggests that you can always distinguish between .
According to the report, if an asset that trades 24 hours a day during US trading hours “does well,” it indicates that US institutional investors are buying it, with growth seen during Asian trading hours. Binance added that the asset being sold shows that retail investors in Asia are buying it. .