Shiba Inu announces SHIB Visa card: Here’s everything we know

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Cryptocurrency Shiba Inu has announced a new Visa card that will burn SHIB tokens when a payment is made via the card. Burning in crypto means permanently removing tokens from circulation by sending them to a dead address or a crypto wallet from which they cannot be retrieved. It is beneficial to investors because a scarce crypto asset is preferred over one with an unlimited supply or high inflation rates. However, fixed or reduced supply does not always imply increased value, so the outcome of the burning portal remains to be seen.

The announcement was made through Shiba Inu’s burn tracker Twitter account. The company posted a three-second video that showed an orange-coloured Visa card with SB initials, with the slogan “Make Payments, Burn SHIB.” Further details about where the card can be used are awaited.

Meanwhile, Shiba Inu developers in April launched a new burning mechanism on its ShibaSwap exchange that allows holders to burn their tokens while also earning passive income. The new mechanism guarantees incentives in the form of ‘burntSHIB’ tokens. These tokens can then be staked 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), which is an Ethereum-based decentralised finance (DeFi) project that aims to support the growth of the SHIB eco-system.

In other news, Shiba Inu launched its metaverse, with 100,595 plots of virtual lands. Inspired 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 termed it ‘SHIB: The Metaverse’. The developers will allow users to buy virtual lands through a series of events. Users will have to visit the official Shiba Inu metaverse website.

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