Shiba Inu's rumored partnership with Bugatti Group causes a surge

The Shiba Inu crypto developers have hinted at a major announcement in partnership with the Bugatti Group. A promotional video alludes to a range of handbags with a Shiba Inu pattern. However, neither company has commented on the partnership.

The Bugatti Group specializes in producing, distributing, and selling bags, purses, attaché cases, and accessories. This company has been around since the 1940s and has always been renowned for its magnificent designs and fabrics. The corporation has created its own set of non-fungible tokens, embracing the NFT and DeFi trend.

The Bugatti Group NFT Project participates in the “phygital” business. Here, clients can purchase both physical and digital products. A contract between Bugatti Group and the Bored Ape Yacht Club (BAYC) grants Bugatti Group the exclusive right to print unique apes on actual luggage items.

After the supposed collaboration deal with Bugatti, the price of the dog-themed altcoin Shiba Inu surged in the early hours of Monday. Following the announcement, SHIB climbed 5.51% and traded at $0.00000888, a gain of 5.51%. The Shib Army, or the ferocious and devoted Shiba Inu community members, have much to look forward to in 2023.

In addition to the relationship with the Bugatti Group, the Shib Army anticipates the official introduction of the layer-2 solution Shibarium, the upcoming release of its whitepaper, and the launch of its Beta version.

SHIB has seen increased demand among crypto whales. According to statistics from Whalestats, the top 100 ETH whales held an astounding $44.2 million worth of Shiba Inu tokens. This is a staggering 2% of their overall crypto assets.

In the last few hours, the SHIB burn rate has increased by 1395.89%, according to data from at the time of writing. Shibburn reported in a tweet today that the Shiba Inu community jointly transferred 37.4 million SHIB to the burn wallet.

Despite the fact that some community members have recently complained about the rate of SHIB burns, it is worth noting that it is set to increase when Shibarium is released. Notably, they recently stated that BONE is the only token that may be used for gas on the platform.

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