Cryptocurrency Shiba Inu posted a three-second video on Twitter on 25th July that showed an orange-colored Visa card with SB initials, with the slogan “Make Payments, Burn SHIB.”
Cryptocurrency Shiba Inu has declared a new Visa card that will burn SHIB tokens when a payment is made via the card. Burning in crypto means permanently eliminating tokens from circulation by sending them to a dead address or a crypto wallet from which they cannot be retrieved. It is helpful to investors because a rare crypto asset is preferred over one with an unlimited supply or high inflation rates. However, fixed or reduced supply does not always suggest increased value, so the consequence of the burning portal remains to be seen.
Meanwhile, Shiba Inu developers April launched a new burning mechanism on its ShibaSwap exchange that lets holders burn their tokens while also earning passive income. The new mechanism assures incentives in the form of ‘burntSHIB’ tokens. These tokens can then be risked to generate rewards for users in the form of Ryoshi tokens, a separate token created by the Shiba Inu community. ShibaSwap portal has been created as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralised finance (DeFi) project that intends to support the growth of the SHIB eco-system.
According to another source, Shiba Inu launched its metaverse. with 100,595 plots of virtual lands. Encouraged by a dog meme and posed as a ‘Dogecoin killer’, SHIB’s value skyrocketed in 2021, and SHIB developers want to drop the ‘meme coin’ tag with the launch of its metaverse. Creators of the Shiba Inu metaverse have called it ‘SHIB: The Metaverse’. The developers will allow users to buy virtual lands through various events. Users will have to visit the official Shiba Inu metaverse website.
However, no additional information has been provided yet. The initial statement from the development team claimed the SHIB Visa card will support users to burn SHIB directly when paying at locations that accept SHIB. SHIB Visa will be the next addition to the Shiba Inu ecosystem, which can significantly speed up coin burning and reward distribution.
The burning rate of SHIB has gained substantial traction; right after plunging more than 60% on July 25, it has recovered today and is presently growing by about 58.6% at the time of writing.
Leave a Reply