SHIB Price Hikes After Shiba Inu Team Announces Shiboshi's Partnership With Bugatti

The price of the dog-themed altcoin Shiba Inu spiked in the early hours of Monday after the team announced a new deal between the ecosystem's Non-Fungible Token (NFT) Shiboshi and the Bugatti Group.

The Shib Army, or the fierce and loyal members of the Shiba Inu community, has a lot to look forward to this year since, aside from the announced upcoming projects, its NFT Shiboshi is up to an interesting partnership with the Bugatti Group - the manufacturer and distributor of baggage and business accessories.

The announcement was made Sunday by the official Twitter account of SHIB, which significantly impacted the price of its native token. The tweet featured a short video clip showing a handbag with a customized Shiba Inu logo on it, but aside from that, details about the partnership are scarce.

The account, however, advised the community to "stay tuned for an upcoming event announcement in the next few days!"

While both Bugatti and Shiba Inu are tight-lipped about the project, the promotional video featured Shiba Inu-themed handbags, luggage and accessories, which seemingly imply that this is the kind of merchandise that will be soon sold under the collaboration.

Following the announcement, SHIB soared 5.51% and traded 5.51% at $0.00000888.

It is worth noting that this is not the first foray of the Bugatti Group into the world of Web3. In November, the business launched the NFT collection and collaboration with Yuga Labs' Bored Ape Yacht Club (BAYC) holders.

"We are elated to share our introductory initiative into the world of Web 3. We are always looking for new ways to push the envelope, and we feel Web 3 is at the forefront of contemporary culture," Bugatti Group CEO Andrew Hattem said at the time.

The move was Bugatti's way of showing its commitment to innovation since it continuously strives to evolve in ways that reflect its audience and offer new ways to engage with the brand.

As of 2:11 a.m. ET on Monday, SHIB was trading up 3.93% at $0.000008756 with a 24-hour volume of $198,125,345, according to the latest data from CoinMarketCap.

Aside from the partnership with the Bugatti Group, the Shib Army is also looking forward to the official announcement of the layer-2 solution Shibarium, the imminent release of its whitepaper and the rollout of its Beta version.

The Shiba Inu team has not yet provided any timeline for the project aside from the usual "soon" comment from its pseudonymous lead developer Shytoshi Kusama.