Shiba Inu Burn Rate Surges Amid UAE Partnership Announcement
Shiba Inu (SHIB) has once again witnessed a sharp increase in its burn rate, sparking optimism among investors. This development coincides with the announcement of a strategic partnership between Shiba Inu and the UAE Ministry of Energy and Infrastructure (MoEI).
Key Highlights:
- SHIB burn rate spiked over 500%, with 18 million tokens removed from circulation.
- Shiba Inu revealed a major collaboration with the UAE Ministry of Energy and Infrastructure (MoEI).
- Despite broader market volatility, SHIB price surged 7%.
SHIB Burn Rate Skyrockets, Over 18M Tokens Eliminated
According to data from Shibburn, SHIB’s burn rate surged by 577% in the last 24 hours, removing 18.76 million tokens from circulation. On a weekly basis, the burn rate soared by 3,551%, eliminating over 1 billion tokens from the supply.
With the total circulating supply now at 589.25 trillion, traders remain optimistic about SHIB’s future price movement, driven by the classic supply-and-demand dynamics.
Shiba Inu’s UAE Partnership: A Game-Changer?
The SHIB community announced a groundbreaking partnership with the UAE Ministry of Energy and Infrastructure (MoEI), marking a major step forward for the project.
His Excellency Eng Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI, shared insights on the collaboration:
“We’re excited to deepen our commitment to cutting-edge digital services. This partnership represents a major milestone in redefining government services by embracing emerging technologies and setting a new global benchmark for innovation.”
In response, Shiba Inu’s lead developer, Shytoshi Kusama, expressed enthusiasm about the partnership, emphasizing SHIB’s role in next-generation digital infrastructure. He stated that this collaboration will reshape the way governments, businesses, and citizens interact within a transparent and eco-friendly framework.
SHIB Defies Market Volatility, Posts 7% Gain
At the time of writing, SHIB is trading at $0.0000163, reflecting a 7% increase despite prevailing market volatility. The token’s 24-hour range fluctuated between $0.00001524 and $0.00001669.
Shiba Inu’s ability to remain in the green despite broader market fluctuations signals strong bullish sentiment. Analysts suggest that SHIB’s MVRV (Market Value to Realized Value) ratio entering the “Opportunity Zone” could fuel further gains, potentially leading to double-digit price growth.
Investors and market watchers continue to monitor SHIB closely, anticipating further price movements in response to its increasing burn rate and major institutional partnerships.
