Shiba Inu shows signs of rally following partnership with UAE to integrate blockchain into its energy sector
Shiba Inu announced a partnership with the UAE's government to drive digital transformation across energy and infrastructure. The partnership marks the first time a world government is integrating blockchain at a federal level, claims the Shiba Inu team. SHIB is showing signs of a rally following the announcement. Shiba Inu (SHIB) saw slight gains on Tuesday following its partnership with the United Arab Emirates (UAE) Ministry of Energy and Infrastructure (MOEI) to drive next-generation Web3 solutions in energy and infrastructure across the country. SHIB marks minor gains as partnership with UAE kicks off Shiba Inu revealed its partnership with the UAE's MOEI arm to boost innovation and transformation across energy and infrastructure in the country. Leveraging Shiba Inu's extensive Web3 technologies, the partnership aims to integrate Shiba Inu's Operating System (ShibOS) to unify development across MoEI operations. This initiative marks a significant step in the evolution of Web3 applications within government services. "We're delighted to deepen our commitment to cutting-edge digital services. This partnership represents a pivotal moment in our journey toward redefining government services," said Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI, in a press release. The Shiba Inu team also claims that the move is the first time a world government is integrating blockchain technology at a federal level. The partnership also shows the increasing interest in digital assets among governments, with more nations now embracing the possibilities of decentralized technology. Shiba Inu lead developer Shytoshi Kusama hinted about the partnership last week on X, suggesting it is among the "most powerful partnerships in Web3." SHIB began showing signs of a rally, marking slight gains of 1% following the announcement. SHIB has been in a downtrend since the start of the year, losing over 30% of its value in the past month, according to CoinGecko data. However, the token showed signs of a potential rebound after the recent announcement, posting slight gains. Historically, SHIB's price has benefited from strategic partnerships, such as the collaboration with Chainlink in December and a previous partnership with Zama. As a result, the new collaboration in the Arab market could boost the price of the meme coin. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.