Shiba Inu (SHIB), the popular cryptocurrency, has seen an 8% rise in the last 24 hours, driven by its partnership with the UAE's Ministry of Energy and Infrastructure.
The Main Factor
In recent days, the cryptocurrency market experienced significant volatility, with many leading digital assets showing minor gains or losses. However, SHIB stood out in this context. SHIB's price increased by 8% and reached around $0.0000164, with its market capitalization surpassing $9.5 billion, allowing it to re-enter the top 20 cryptocurrencies.
Perhaps the primary reason behind the price increase is Shiba Inu's new partnership with the UAE's Ministry of Energy and Infrastructure. The Shiba Inu team explained that the collaboration aims to integrate Web3 technologies into governmental processes. As noted by H.E. Eng Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs in the UAE: CITE_W_A: "This isn't just another crypto partnership – it's a nationwide movement unifying Shiba Inu's Operating System across all Emirates."
Additional Reasons
Other factors contributing to SHIB's price growth include Shibarium's advancements and increased token burn rates. The Shibarium network recently exceeded 900 million processed transactions.
Shibarium is specifically designed to foster the development of the Shiba Inu ecosystem, and its success can be seen as a bullish factor for the market.
Additionally, SHIB's token burn rate exploded by nearly 600% in the past 24 hours, resulting in about 18.7 million tokens being sent to a null address. Such activity can reduce market supply and potentially exert upward pressure on the price if demand remains constant or increases.
Shiba Inu's partnership with the UAE's Ministry of Energy and Infrastructure and Shibarium's developments positively impacted SHIB's market value. Over the long term, this could strengthen Shiba Inu's position in the cryptocurrency ecosystem.
