Filipino Boxing Legend Manny Pacquiao Partners with Shiba Inu for Charitable Foundation
Filipino boxing legend Manny Pacquiao has announced that his charitable foundation will use meme token Shiba Inu’s network for fundraising. The Manny Pacquiao Foundation, a non-profit run by the former fighter, will implement Shiba Inu’s Layer 2 blockchain, Shibarium, into its operations.
Shibarium is a layer-2 network backed by SHIB tokens running on Ethereum. Launched in August, the network aims to make transactions on Ethereum quicker and cheaper. The foundation plans to use Shibarium to optimize and streamline its activities, including tracking fundraising and donations, distributing funds, and managing resources while providing greater transparency.
The Foundation has been accepting SHIB on its website since 2021. Executive director Jon Sisson expressed that “Shibarium will allow us to continue our good work while scaling up operations to help millions more.”
About Shiba Inu and Future Plans
Shiba Inu, known as SHIB, is a meme coin and the 19th biggest digital asset by market cap. It was launched in 2020 to compete with Dogecoin (DOGE) and has gained a huge following. The asset runs on Ethereum and is notoriously volatile.
Following the news about the Pacquiao foundation, the token rose a modest 1.5% to trade at $0.00000862. With its new blockchain, the SHIB ecosystem aims to become a go-to network for running DeFi apps and move beyond its meme coin label.
Hot Take: Manny Pacquiao Foundation’s Move into Crypto Fundraising
Filipino boxing legend Manny Pacquiao has partnered with Shiba Inu’s Shibarium network for his charitable foundation, demonstrating a significant move into crypto fundraising. This partnership could potentially open doors for other non-profits to explore crypto as a means of fundraising and transparently managing resources.
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