- Shiba Inu burn rate surged by 1155.95%
- SHIB saw a 6.21% price increase
- Major partnership announced with UAE’s MoEI
Shiba Inu burn rate saw a massive spike today, sending millions out of circulation. As reported by ShibaBurnTraker, an anonymous investor sent over 14 million SHIB to a dead wallet, significantly increasing its weekly burn rate.
To be precise, the wallet 0x541f60e5576764ca3957f70b6a1e60f3ce5886e0 sent 14,089,269 SHIB to the secondary burn address 0x000000000000000000000000000000000000dead. Today marks the largest single burn transaction since February 1st. The memecoin’s burn rate saw an increase of 1155.95%.
SHIB Sees 6.21% Surge During The Day
Perhaps boosted by the recent burn rate surge, Shiba Inu attempted to break a sideways trading pattern on February 7.
Shiba Inu began the day trading at $0.00001490 as buyers struggled to regain the $0.000015 zone. Around 7:00 AM, SHIB began riding a favorable upward trend, reaching as high as $0.00001570 by the afternoon.Â
At one point, the currency was up nearly 7% over the last day, indicating a potential for buyers to reclaim their protagonism. However, shortly thereafter, the currency reverted back to its downward trend, effectively reverting all profits seen on this day.Â
Major Partnership on The Horizon
Also on this day, Shiba Inu announced a major collaboration with one of the wealthiest nations in the world. The memecoin project partnered with the United Arab Emirates’ Ministry of Energy and Infrastructure (MoEI), as reported by CoinDesk.
The collab will look to leverage Shiba Inu’s innovative Web3 products to enhance government services and products with the use of blockchain technology. The UAE will make use of Shiba Inu’s operating system ShibOS to unify development across MoEI operations.
This development holds more weight than it initially seems. With the Shiba Inu – UAE partnership, the cryptocurrency project may find its best portrayal of a use case for SHIB-fueled technology.
The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
