The latest SHIB burn data propelled a massive tide of optimism among crypto traders and investors as it soared over 500% intraday. Following the recent Shiba Inu and UAE partnership announcement, this surge has pushed market watchers to be highly optimistic. Notably, the dog-themed meme coin has recently joined forces with the UAE Ministry of Energy and Infrastructure (MoEI). As an upshot, market watchers are highly bullish as even SHIB price moved upward, defying broader market trends.

SHIB Burn Jumps As Over 18M Coins Taken Out Of Supply

As per data by the tracker Shibburn on X, the SHIB burn rate has blown up by 577% in the past 24 hours. This massive surge is primarily attributed to the elimination of 18.76 million tokens from the asset’s circulating supply.

With the burn rate surge weighing in, the current market supply was evaluated as 589.25 trillion tokens. Further, the weekly burn data flagged a 3551% uptick, riding the back of over 1 billion coins purged from the supply. In turn, market watchers remain bullish on future price action for Shiba Inu, mirroring the law of supply and demand.

Shiba Inu & UAE Partnership: What’s The Scoop?

Meanwhile, the SHIB community announced a groundbreaking partnership with the UAE Ministry of Energy and Infrastructure, capturing noteworthy attention across the industry.

His Excellency Eng Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI stated, “We’re delighted to deepen our commitment to cutting-edge digital services. This partnership represents a pivotal moment in our journey toward redefining government services. By embracing emerging technologies, we aim to set a global benchmark for innovation, delivering transformative solutions that benefit both our citizens and the wider community.”

Simultaneously, lead developer Shytoshi Kusama conveyed optimism in light of the partnership, highlighting “Shiba Inu as a cornerstone for next-gen infrastructure. This ‘Partnership’ will redefine how governments, businesses, and citizens collaborate in a transparent, eco-friendly digital framework,” the lead developer added. Coupled with the recent SHIB burn surge, this development set off bullish waves surrounding the meme coin’s price ahead.

Shiba Inu Defies Broader Volatility

At the time of reporting, SHIB price witnessed a 7% pump and is currently sitting at $0.0000163. The coin’s 24-hour low and high were $0.00001524 and $0.00001669, respectively.

Intriguingly, Shiba Inu defied the broader crypto market’s recent volatile trend, trading prominently in the green. This price movement reflects bullishness amid SHIB burn surge and the recent UAE partnership.

Also, a recent SHIB price analysis by CoinGape revealed that further gains loom as the MVRV moves deep into the Opportunity Zone. Notably, this bullish factor could fuel double-digit gains ahead, per the analysis. Market watchers continue to extensively eye the coin for further price action shifts.

The post Shiba Inu Reveals Major Partnership Amid SHIB Burn Rate Surge, What Lies Ahead? appeared first on CoinGape.

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