Shiba Inu Announces a New Collaboration to ‘Elevate SHIB to the Next Level’

TL;DR

• Shiba Inu teamed up with Mass Finance to enhance its ecosystem with AI-driven legal and fiscal solutions.
• The partnership aligns with SHIB’s 4% weekly price increase, supported by market revival and increased token burns.

The Latest Partnership

The meme coin project shook hands with the AI-powered platform Mass Finance, which aims to simplify business setup and growth, particularly for startups, funds, and incubators. It offers legal, fiscal, and banking tools in one platform, including automated incorporation and AI-related assistance for financial and operational tasks, supporting both Web2 and Web3 entities.

The team behind Shiba Inu claimed Mass Finance “is poised to be the Shiba State with AI-driven legal and fiscal solutions, supported by Stripe and others.”

“Together, we’re elevating Shib to the next level,” it concluded.

Previously, Mass Finance collaborated with the payment giant Stripe to handle money transmission services and account management. The latter provides the necessary infrastructure, while funds are held at Evolve Bank & Trust, ensuring compliance with financial regulations and secure transactions for Mass users​.

This is not the only deal Shiba Inu has inked in 2024. In September, it partnered with the open-source cryptography company Zama to enhance the capability of Shibarium (the meme coin’s layer-2 blockchain solution).

“A crucial component of this evolution is Fully Homomorphic Encryption (FHE), a groundbreaking technology that allows crypto transactions to occur on the blockchain while keeping sensitive data – such as financial information and NFT identities – completely hidden,” the disclosure reads

SHIB Price Reaction?

The aforementioned partnership coincides with the price resurgence of the meme coin. It currently trades at around $0.00001808, or a 4% rise on a weekly scale. 

It is worth mentioning that SHIB’s rally could be attributed to various other factors, such as an overall crypto market revival, the explosion of the Shiba Inu burn rate in the last seven days, and the decreased exchange netflow (which signals a reduced immediate selling pressure).

SHIB currently has a market capitalization of over $10.6 billion, making it the second-biggest meme coin (trailing behind Dogecoin) and the 15th-largest in the entire sector. According to IntoTheBlock, 54% of all holders are now sitting on some paper profits, whereas 43% remain underwater.