Another milestone for token Shiba Inu. This time, the Dogecoin killer developers announce a collaboration with a well-known fashion designer. SHIB price is on the rise.
A collaboration of great significance
On January 28, the team behind Shiba Inu announced via Twitter that they are entering into a collaboration with well-known fashion designer John Richmond. The event comes just before the end of fashion week in Milan, and just before the start of another fashion week, this time in Paris.
According to the tweet, the collaboration is expected to include 10,000 pieces of John Richmond X SHIB NFT shoes, a fashion show that will take place in Italy, and a clothing collection that will be made available in boutiques around the world.
For SHIB, this is a very bullish sign. This is because it means steadily increasing the utility of the token and making it represent a lifestyle. It is also an important step in the context of Shiba entering the Metaverse space.
It is worth noting that the SHIB token is becoming a very lucrative buy at the same time. An ETH whale called Light, bought nearly 50 billion SHIB tokens in just one day. This purchase is estimated to be worth $1,211,473. In recent times, when such transactions have occurred, the value of Shiba Inu has risen significantly shortly thereafter.
SHIB mass burn
Shiba Inu is a project that regularly organizes the burning of its resources. Since December 2021, 2,770,970,782 tokens have already fallen out of circulation by the end of January 2022. The average daily burn is 44,693,077 SHIB. Of course, this process does not happen every day. According to many analysts, the individual Burn Party, as well as the team’s continued networking, could be a strong pro-growth factor for Shiba Inu’s value. Some have rallied that a price of $0.01 per SHIB is very achievable. However, we recommend approaching such predictions with caution.
Meanwhile, Shhiba on the chart…
SHIB has risen over 22% in just two days since the partnership was announced. In doing so, the price has bounced off the 200-day moving average (green line). Its overcoming may suggest further increases. This is confirmed by both the Bollinger Bands and the Stochastic RSI. Before this can happen, however, Shiba Inu must come out of the consolidation period it is in after the previous very strong declines.