Shiba Inu coin attempts to reverse its decline by burning tokens: Peripheral ecosystem set to launch VISA card, rallying cry "Burn it!"

The Shiba Inu token SHIB burn data website Shibburn claims to launch a VISA card that will burn SHIB with each payment, but details are not specified.

The burning mechanism of SHIB originated from the Shiba Inu collaboration with the related friendly project Ryoshi Vision's SHIB Burn Portal, which encourages users to voluntarily burn SHIB, reduce market circulation, and receive RYOSHI tokens introduced by Ryoshi Vision.

These actions do not seem to help cool down the Dogecoin frenzy, with its price plummeting 88% from its historical high nine months ago, while the most well-known dog coin DOGE has dropped over 90% from its historical high a year ago:

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What is Burn and Burn Address?

Burning cryptocurrency means sending it to an address that is permanently inaccessible, also known as a burn address. It is a digital wallet that cannot be accessed or used for transactions, effectively removing the cryptocurrency from circulation. Since the price of an asset is determined by supply and demand, burning tokens may lead to an increase in the price of tokens still in circulation.

Issues with RYOSHI Reward Distribution

In April of this year, Shiba Inu collaborated with Ryoshi Vision to launch the SHIB Burning Portal, a platform that incentivizes users to burn their SHIB tokens and receive another token called burntSHIB in exchange.

According to the developers' statement, 0.49% of all RYOSHI transactions will be distributed to holders of the burntSHIB token. However, since the launch of the SHIB Burning Portal, although it initially attracted many users to burn a significant amount of SHIB, approximately $110 million worth of SHIB was burned within 24 hours, it also generated complaints because RYOSHI failed to deliver rewards as promised. Now, the introduction of SHIB VISA seems to be a way to bypass RYOSHI and continue the process of burning SHIB.

The Future of Shiba Inu Memecoin

Shiba Inu coin, which has gained popularity in the crypto community in meme form, not only has a loyal following of Shiba Army fans. In February, the Shiba team announced the upcoming Shiba Metaverse, stating that they have been exploring various ideas, including partnerships with virtual world giants like Sandbox and Decentraland. Shiba mentioned that its metaverse will be a dog-themed world with purchasable land and Shiba NFTs. Perhaps in the bear market slump, it can bring a different sense of satisfaction to everyone's spirit!