Massive Shiba Inu (SHIB) Announcement

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TL;DR

SHIB’s price surged by 8% on a 24-hour scale due to its partnership with the UAE’s Ministry of Energy and Infrastructure.
Shibarium blasted through another major milestone, which could be interpreted as a bullish element.

The Main Factor

The cryptocurrency market experienced severe turbulence in the past few days, largely caused by Donald Trump’s trade war with China, Mexico, and Canada. In the last 24 hours, most leading digital assets consolidated or charted minor losses, but this was not the case with Shiba Inu (SHIB).

The price of the popular meme coin increased by 8% during that timeframe, currently trading at around $0.0000164 (per CoinGecko’s data). Its market capitalization jumped above $9.5 billion, and thus, SHIB re-entered crypto’s top 20 club.

Additional Reasons

Other elements that may have boosted SHIB’s price are Shibarium’s advancement and Shiba Inu’s burn rate. The layer-2 blockchain solution recently hit another major milestone as total transactions processed on the network surpassed 900 million.

Shibarium is specifically designed to foster the development of the Shiba Inu ecosystem, and according to some industry participants, its progress could be viewed as a bullish factor.

For its part, SHIB’s burn rate exploded by almost 600% in the last 24 hours, resulting in nearly 18.7 million tokens sent to a null address. Continuous efforts in that field will reduce the meme coin’s circulating supply and potentially create upward pressure on the price (should demand remain constant or head north).

Conclusion

The partnership with the UAE’s Ministry of Energy and Infrastructure, Shibarium’s advancement, and SHIB’s burn rate are all contributing factors to the recent price surge of Shiba Inu. As the digital asset continues to make headlines, it will be interesting to see how these factors impact its future performance.