Shiba Inu Announced SHIB Visa Card: Here’s Everything We Know
The cryptocurrency Shiba Inu has announced a new Visa card that will burn SHIB tokens when payment is made via the card. Burning in crypto means removing tokens from circulation permanently by sending them to a dead address or a crypto wallet from which they cannot be recovered. This is beneficial for investors as a rare crypto asset with unlimited supply or high inflation rates is preferred. However, fixed or reduced supply does not always mean increased prices, so the result of a burning portal remains to be seen.
The announcement was made via the Shiba Inu’s burn tracker Twitter account. The company posted a three-second video showing an orange Visa card emblazoned with the SB initials, with the slogan “Pay, burn SHIB.” More details on where the card can be used are awaited.
Meanwhile, Shiba Inu developers launched a new burning mechanism on its Shibaswap exchange in April that allows holders to burn their tokens while earning passive income. The new mechanism guarantees incentives in the form of ‘burnshibb’ tokens. These tokens can then be staked to generate rewards for users in the form of the Ryoshi Token, a separate token created by the Shiba Inu community. The ShibaSwap portal has been created as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) project that aims to support the development of the SHIB eco-system.
In other news, the Shiba Inu launched its metaverse with 100,595 plots of virtual land. Inspired by the doge meme and hailed as the ‘dogecoin killer’, the value of SHIB skyrocketed in 2021 and the SHIB developers are looking to drop the ‘meme coin’ tag with the launch of their metaverse. The creators of the Shiba Inu Metaverse called it ‘Shiba: The Metaverse’. The developers will allow users to purchase virtual land through a series of events. Users will have to visit the official Shiba Inu Metaverse website.