SHIB gains Japan retail push through Rakuten Wallet

Rakuten Wallet has announced plans to introduce a physical version of the Shiba Inu coin as part of its new “Real Coin” series, joining the ranks of notable cryptocurrencies like Bitcoin, Ethereum, and XRP in collectible form.

According to the company, earlier coin replicas were positively embraced during event exhibitions, with the SHIB variant now in the production phase.

Importantly, these coins are intended as collectible items rather than blockchain assets. Rakuten Wallet has described this initiative as part of its offline engagement strategy, allowing users to physically interact with crypto-themed replicas at various events. While a release date for the SHIB coin has not been provided, anticipation continues to build.

This initiative grants Shiba Inu an additional retail-oriented role within Japan’s market landscape. Instead of merely being featured on trading platforms, SHIB is now gaining traction through branded promotions, reward systems, and tangible merchandise offerings.

As part of the Rakuten Group, one of Japan’s premier internet conglomerates, Rakuten Wallet brings SHIB to the attention of a considerably broader audience, extending beyond typical cryptocurrency platforms.

SHIB Campaign Features Token Rewards

In conjunction with the coin launch, Rakuten Wallet has rolled out a SHIB campaign that incentivizes users based on their trading activities. Specifically, those who trade over 30,000 yen in spot cryptocurrency can earn 500,000 SHIB, valued at approximately 500 yen. For traders exceeding 100,000 yen, an additional reward of 1,000,000 SHIB, worth roughly 1,000 yen, is available.

While these rewards may appear modest, they reflect a growing trend among Japanese platforms leveraging meme coins for customer engagement. The affordability of SHIB, with its low unit price, allows for the distribution of substantial token rewards, enhancing visibility for retail users.

Recently, Rakuten Wallet also organized a dog photo contest that rewarded participants with both SHIB and DOGE, further linking meme coins to social sharing and user interaction.

Earlier this year, Rakuten Wallet incorporated SHIB and DOGE into its supported assets, paving the way for these meme coins to access the brand’s extensive consumer base in Japan.

Expansion of Retail Cryptocurrency Options in Japan

The introduction of the SHIB replica coin is just one facet of Rakuten’s broader crypto strategy. As previously reported, the platform has integrated XRP functionalities that allow loyalty points to be converted into XRP and utilized for QR payments at more than 5 million merchants across Japan.

Rakuten’s loyalty program boasts around 44 million active users and manages over 3 trillion loyalty points, creating a fertile ground for cryptocurrency campaigns.

On another front, major Japanese financial entities like SBI, Rakuten, and Nomura are reportedly advancing plans for crypto investment trusts, signaling an increasing acceptance of digital assets in mainstream finance.

Japan is also exploring regulatory changes for digital assets, including potential tax reforms aimed at aligning crypto taxation more closely with traditional financial products.

Ongoing Challenges for SHIB’s Valuation

The marketing push arrives during a period of price instability for Shiba Inu. As per the latest data from crypto.news, SHIB was trading around $0.0000043 to $0.0000044 on the market as of late June, reflecting a decline of over 9% in the last week and more than 20% over the monthly timeframe.

At this time, SHIB’s market capitalization hovers around $2.5 billion to $2.6 billion, with 24-hour trading volumes fluctuating between $74 million and $80 million. The token remains significantly lower than its all-time high of $0.0000862 achieved in October 2021.

This price trend indicates that while retail initiatives can bolster engagement, they do not inherently dictate market dynamics. SHIB continues to be influenced by broader market trends, including the volatility of Bitcoin and changing levels of investor risk appetite.