There have been some exciting hints given by the Shiba Inu team regarding an event with the Bugatti Group.
Even though both parties have not disclosed a lot of details, there is a promotional video, which indicates that it might be a launch of handbags that will be Shiba-Inu themed.
The Bugatti Group
Operating since the 1940s, the Bugatti Group has developed a reputation for offering excellent materials and designs to the people.
The company has been focused on creating, designing and selling briefcases, handbags, luggage and other accessories to the public.
Not long ago, the company had decided to follow the current hype and had introduced its own line of non-fungible tokens (NFTs).
The Bugatti Group Genesis NFT Collection was introduced recently and those who own these NFTs can enjoy a number of benefits.
These include discounts for purchases and drops in the future, along with exclusive access to social media channels.
The partnership
Since it was launched back in 2020, Shiba Inu has enjoyed a huge amount of success as a meme token and it has become the second-biggest meme crypto in terms of market capitalization, after Dogecoin.
This partnership between Shiba Inu and Bugatti Group only shows just how serious the former is about making its mark in the crypto world as well as NFTs.
Even though the crypto world is in the midst of an ongoing bear market, it has not appeared to have an impact on the popularity of the SHIB token.
By all appearances, it is not slowing down, even though it has also seen a huge price correction like the rest of the tokens in the market.
According to the numbers, SHIB has come down almost 90% from its all-time high value.
Is it breaking out?
The beginning of the year saw the Shiba Inu meme coin have a surprisingly solid performance in terms of price.
This was because the token was able to overcome the local resistance level of the moving average of the last 50 days.
But, the weekend saw the trading volume of the SHIB token decline, as the rally faded, which put an end to the ascending momentum.
The Shiba Inu daily chart shows that it might reach a downward reversal if there is any significant selling pressure.
However, it is possible that this pressure may not happen in the foreseeable future, given that SHIB has already dealt with it in 2022.
According to some indicators, most of the SHIB investors have already capitulated, which means that the token is now a great choice for whales who want to accumulate it without stressing about sudden selling pressure.
As far as the burn rate for the token is concerned, it is still around the same levels as was seen in the previous three months and is likely to remain same until there is a recovery in the crypto market.
The primary source of burning of the SHIB token is the trading volume of merchants and the on-chain data shows that it is too low for now.