Earlier this year in February, Shiba Inu (SHIB) announced a historic partnership between it and the UAE Ministry of Energy and Infrastructure. The announcement led to substantial buzz within the crypto community. The decision marked a significant milestone for the dog-themed cryptocurrency project. Official recognition from the government of the United Arab Emirates is a testament to SHIB’s incredible rise over the last few years.
Can the UAE Energy Ministry Help Shiba Inu Hit $0.0001?
While the announcement caused a lot of excitement for SHIB fans and investors, the asset’s price did not make much movement. At the time, the crypto market was facing considerable bearish sentiment. Bitcoin (BTC) was also retracing its steps. SHIB, following the market trend, did not rally.
Hitting $0.0001 from current price levels will require a rally of nearly 754%. The figure is tiny compared to SHIB’s incredible 2021 rally. While a 753% rally is not something SHIB has not done before, the coin has not seen triple-digit percentage point rallies in nearly four years.
Shiba Inu’s (SHIB) partnership with the UAE Ministry of Energy and Infrastructure may help the project bring more utility to the SHIB ecosystem. The UAE aims to use ShibOS to transition into the Web3 realm. The partnership may also bring more eyes to SHIB. It will also boost investor confidence. Whether SHIB reaches $0.0001 due to the partnership is unclear, but it sure will help the asset’s image.
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SHIB has faced substantial struggles over the last few years. The asset is down by 86.5% from its all-time high of $0.00008616. SHIB has rarely displayed a breakout over the last few years. It has followed market trends, but has failed to garner enough steam.
We may witness Shiba Inu (SHIB) hitting new highs as more utility is brought to the Shibarium network and to the ShibOS platform.