Shibarium Adopted By Manny Pacquiao’s Charitable Foundation

Manny Pacquiao’s Foundation embraces Shibarium’s technology to boost charitable Initiatives.

Manny Pacquiao posing with a Shiba Inu with SHIB coins flying around in the background.
Created by Gabor Kovacs from DailyCoin
  • Twelve-time boxing champ Manny Pacquiao employs Shibarium L2.
  • Shibarium L2 moving towards 4 million transactions since launch.
  • The charity insists that crypto donations are more efficient than fiat.

Shiba Inu’s Layer-2 blockchain Shibarium has just received some ground-breaking news, which serves as a catalyst for new utility cases on the L2. Manny Pacquiao, the octuple champion of the boxing ring and the former Senator of the Philippines, has integrated Shiba Inu’s blockchain for his charitable endeavors, including optimizing the fundraising and distribution process in his charity initiative.

The SHIB Army reacted positively to the announcement, taking to social media to share their optimism.

Manny Pacquiao Addresses New PartnerSHIB

Named after the boxing champion himself, the Manny Pacquiao Foundation is a California 501 (c)(3) nonprofit. The former Senator of the Philippines Manny Pacquiao posted a warm welcoming message to the Shiba Inu community on 𝕏, also thanking the SHIB Token development team for a feature in the second edition of The SHIB Magazine.

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Mr. Pacquiao has carried out his philanthropic mission since 2021, accepting donations in cryptocurrencies as well as fiat. However, as the Manny Pacquiao Foundation’s official website states, donations in cryptocurrency are way more efficient than a regular banking transaction.

“The Pacquiao Foundation is dedicated to fighting for those in need”, – declared the 12-time championship winner. Every crypto donation on the charity website gets a tax receipt, as a direct donation to the 501c3 nonprofit isn’t liable for capital gains tax, while donors are still eligible to receive tax returns.

Moreover, the charity’s recent philanthropic ventures included helping the most vulnerable sex trafficking victims in the Philippines and neighboring regions. Besides that, a housing initiative for the homeless, as well as a multifaceted Coronavirus relief fund was created, helping over a million people in need so far.

On The Flipside

  • Shibarium’s total value locked (TVL) was cut in half since the $1.44M all-time high (ATH), hit in late August 2023 after relaunch.
  • The L2 network plunged in transaction volume, while the issue was addressed several times by lead developer Shytoshi Kusama.
  • However, the SHIB Token team switched their focus to quality rather than quality, asking the community to build “insanely capital efficient markets” rather than hunting to raise Total Value Locked (TVL).

Why This Matters

Shibarium Layer-2 scaling solution encompasses various blockchain initiatives and can be used for both philanthropy and commercial purposes.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.