The Shiba Inu team announced on July 25 the arrival of the new Visa SHIB Burn card, which burns the SHIB during payments.
The announcement was made through the Twitter account tracking burns by Shiba Inu, @shibburn. The three-second announcement video only showed an orange-colored Visa card with SB’s initials, along with the tagline “Make payments, burn SHIB.”
—Shibburn (@shibburn) July 24, 2022
Burn the SHIB
In April 2022, Shiba Inu and Ryoshi Vision collaborated to create the Shiba Inu burn portal. This portal aims to motivate SHIB holders to burn tokens. Burners are supposed to earn RYOSHI tokens and 0.49% of all trades in return.
However, the distribution of rewards has been extremely slow. Even though SHIB holders burned around $110 million worth of SHIB in just 24 hours, they grew impatient with the reward RYOSHIs.
The Shiba Inu team also noticed this frustration. The team posted on the official Shiba blog and said:
“What is apparent is the continued failure to deliver such workflows precisely based on the platform’s promise. Reward fluidity is underperforming.”
The Shiba team also added that they contacted Ryoshi Vision about the lag, saying:
“The shape of our community’s trust is of utmost importance to the team”.
However, no changes have been made to the reward distribution process. The Visa SHIB card aims to improve the burning process without being tied to the Ryoshi team.
The future of the Shiba Inu
A recent Finders.com survey found that 73% of participants see Shiba Inu ending by 2030, while 30% believe the piece won’t come by the end of the year. Prominent figures claim that the current bear market will get rid of coins like “joke” and give way to a “true innovation“.
In response to this, Shiba Inu made some serious changes. Besides the new burn mechanic, the most recent changes are to the metaverse and Shiba stablecoin.
The SHIB metaverse
The Shiba team announced the next Shiba Metaverse in February 2022, saying they have followed the growth of the Metaverse and believe in its future.
The team said it explored various ideas, including partnering with metaverse giants like Sandbox and Decentraland. However, it is certain that the Shiba metaverse will be a dog-themed reality, complete with purchasable land and Shiba NFTs.
The SHIBA stablecoin was announced on May 12, 2022, without specifying the date of its launch. However, the team has stated that SHIB’s ultimate goal is to become a “global stable currency that favors all countries.”
According to the team, SHIB will have a stable price at the end, so it can be used as both a store of value and a method of payment.
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