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According to Shibu Inu ecosystem’s post on Twitter, the details will be dropped in the “coming days.” The Twitter post, which cites Shiboshis, also tagged the Twitter page of Bugatti Group, a Montreal-based luxury brand in Canada that specializes in luggage, handbags, bags, accessories, and briefcases.

Additionally, Shiboshis is an NFT (non-fungible token) collection that consists of digital collectibles unique to Shiba Inu’s ecosystem, which went live last October. Furthermore, Shiba Inu also posted a short video clip alongside the tweet, showing Bugatti Group’s and Shiba Inu’s logos, briefcases, and travel bags with Shiboshis emblazoned edges.

In late November 2022, Bugatti transitioned into the NFT space with an inaugural project in collaboration with the Etherum-based BAYC (Bored Ape Yacht Club) NFT collection. During that period, Bugatti Group stated that it was working on NFT printing its merch.

Bugatti is building a new infrastructure with cutting-edge machinery and technology that allows the brand to print one-of-a-kind non-fungible tokens onto crossbody bags and luggage.

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This cutting-edge patented technology would also enable NFT owners to print personalized profile images on previously mentioned products. Soon, it will be available on the websites of international retailers. SHIB trades at $0.0000103, up 6.7% in the last 24 hours and about 22.1% over the previous seven days.

Why Is SHIB’s Price Rising?

The whale effect is one major determinant that has helped contribute to Shiba Inu’s increase in value. According to on-chain data, there have been massive accumulations of SHIB tokens by Ethereum whales, with their accumulations increasing since the beginning of January 2023.

For instance, one of the most recent transactions involved a transfer of nearly 3.4 billion SHIB tokens worth around $29 million during the transmission period. It is suspected that a whale carried out the transaction and caused a slight drop in SHIB’s price.

However, the price decline did not last, as traders and investors initiated intense buying pressure to capitalize on the situation, causing SHIB’s price to rise.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.