For a while now, Shiba Inu has been revealing some interesting partnerships. A couple of days ago, the official Twitter page of the meme coin teased a new partnership with luxury car manufacturer Bugatti when it tagged it in a post. However, it is no longer just speculation as Shiba Inu has confirmed the partnership.
Shiba Inu Unveils Bugatti Partnership
Shiba Inu revealed on Twitter that it had partnered with the Bugatti Group, the makers of the popular Bugatti automobiles. The partnership was for the upcoming NFT collection for the meme coin which will see the Bugatti Group host special events for Shiba Inu. The events include a Twitter Space and a mint party for the Shiboshi mint.
Early supporters and holders of the Shiba Inu NFT genesis collection will be able to mint these NFTs which will come with physical assets for holders as well. The physical items range from Special Edition Bugatti wallets to crossbody bags, travel carryons, etc.
In the announcement, it revealed that there will only be 299 items in the limited release in addition to a single exclusive 1st edition release. The mint price is already set at 0.14 ETH and the mint portal will open during its Twitter Spaces event with Bugatti.
We’re excited to announce our upcoming special event, in which Bugatti Group will host a mint party and space dedicated to our #Shiboshis!
— Shib (@Shibtoken) January 10, 2023
Users who mint will be able to claim their items a week after mint with 15 community members chosen to receive a Bugatti carry-on customized with their Shiboshi design. They will also qualify for 55% off of all travel accessories designed through the Shiba Inu and Bugatti Group collaboration.
SHIB Price Responds Positively
Hot on the heels of the Bugatti announcement, the trading volume of Shiba Inu has already seen a recovery. Over the last 24 hours, it has jumped over $350 million and counting and has also seen activity from Ethereum whales as SHIB is now one of the top 10 tokens by trading volume for the top 2,000 ETH whales.
SHIB price at $0.00000878 | Source: SHIBUSD on TradingView.com
Other factors have also driven the popularity of SHIB so far such as the accelerated burn rate that has been witnessed this year. Shibburn reported that over 17 million tokens were burned in the last day with a single wallet burning 10 million SHIB tokens. This puts the burn rate 25.21% higher than the previous day.
As for the price of SHIB, the meme coin had seen some recovery following the announcement, however, it quickly corrected back down. The digital asset is now trading at a price of $0.0000089 and it is down 5.4% in the last day.
Nevertheless, Shiba Inu remains a strong contender in the cryptocurrency market. It is currently the 16th largest cryptocurrency with a market cap of $4.9 billion.