TL;DR

SHIBs price surged by 8% on a 24-hour scale as the meme coin partnered with the UAEs Ministry of Energy and Infrastructure. Shibarium blasted through another major milestone, which could also be interpreted as a bullish element.

The Main Factor

The cryptocurrency market experienced severe turbulence in the past few days, largely caused by Donald Trumps 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 CoinGeckos data). Its market capitalization jumped above $9.5 billion, and thus, SHIB re-entered cryptos top 20 club.

SHIB Price, Source: CoinGecko Perhaps the most apparent reason fueling the rally is Shiba Inus partnership with the Ministry of Energy and Infrastructure of the United Arab Emirates. The team behind the meme coin explained that the collaboration aims to transform how nations embrace Web3.

For the first time, a world government is integrating blockchain at a federal level. This isnt just another crypto partnership its a nationwide movement unifying Shiba Inus Operating System across all Emirates, the disclosure reads.

Speaking on the matter was H.E. Eng Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI. He said the deal represents a pivotal moment in our journey toward redefining government services.

By embracing emerging technologies, we aim to set a global benchmark for innovation, delivering transformative solutions that benefit both our citizens and the wider community. Together, we are shaping a future built on sustainability, connectivity, and digital excellence, he added.

Additional Reasons

Other elements that may have boosted SHIBs price are Shibariums advancement and Shiba Inus 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, SHIBs 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 coins circulating supply and potentially create upward pressure on the price (should demand remain constant or head north).