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Shiba Inu Struggles Despite Partnership with Bugatti

Collectible+NFTs_+fail+to+boost+SHIB+utility

Shibtoken announced on January 10 that it would be collaborating with Buggati and releasing its collection soon. The collection is titled “genesis Shiboshi NFT” and will also be made available in physical form. This integrates with the objective of several fashion brands to provide customers with the best of both worlds.

Shiba Inu token holders increase

Shiba Inu is a digital token created in August 2020. It derives from the Uniswap token UNI and is referred to as a “fork.” Unique to SHIB is the fact that 10% of the total number of tokens is burned for every transaction. The total amount of tokens will gradually decrease as they are burned.

However, the price movement has not been positively affected by the fires that have occurred over time. Its lack of availability has also been a problem, which a good ecosystem may solve. In addition, if Shibarium is ever released, the SHIB token may be utilized as its owners have requested.

According to data from Dune Analytics, a large number of SHIB tokens are being acquired despite their apparent inutility. The graph displayed that the rate of accumulation was increasing.

Based on observations, the number of daily active users has been fairly low. This is to be expected, given that the meme coin has no actual utility and the primary purpose of each transaction is to acquire more of it.

SHIB uptrend bucked?

On a daily scale, it was observed that SHIB had been decreasing for several days. It had already lost more than 5% of its gains at the time this was published. The token cost approximately $0.0008. If the price trend continued to decline, the area around $0.00007 would probably act as support.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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