Shiba Inu, a cryptocurrency, has introduced a new Visa card that would burn SHIB tokens when a payment is made with the card. In cryptocurrency, burning implies permanently removing tokens from circulation by transferring them to a non-recoverable address or crypto wallet. It benefits investors since a scarce cryptocurrency asset is chosen over one with an infinite supply or high inflation rates. However, higher value does not always mean fixed or reduced supply, hence the fate of the burning gateway remains to be seen.
Shiba Inu’s Twitter account was used to make the announcement. The firm released a three-second video with an orange Visa card with SB letters and the phrase “Make Payments, Burn SHIB.” Additional information.
Meanwhile, Shiba Inu developers unveiled a new burning mechanism on its ShibaSwap exchange in April, allowing token holders to burn their tokens while receiving passive revenue. The new system ensures rewards in the form of ‘burntSHIB’ tokens. These tokens may then be staked to earn users incentives in the form of Ryoshi tokens, a different coin developed by the Shiba Inu community. ShibaSwap is a collaboration between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) initiative that intends to assist the expansion of the SHIB eco-system.
In other developments, Shiba Inu has debuted its metaverse, which includes 100,595 virtual land parcels. SHIB’s value rose in 2021 after being inspired by a dog meme and portrayed as a ‘Dogecoin killer,’ and SHIB creators hope to shed the’meme coin’ moniker with the debut of its metaverse. The Shiba Inu metaverse has been dubbed ‘SHIB: The Metaverse’ by its creators. Through a series of events, the creators will allow players to purchase virtual territories. Users must go to the official Shiba Inu metaverse website.