The announcement of the new SHIB Visa burn card, launched by the Shiba Inu foundation, has catalyzed a 200 percent burn rate rally resulting in the burn of over 144 million SHIB tokens since release.
Shiba Inu (SHIB) has announced the upcoming launch of a Shiba Inu Visa card that will burn SHIB tokens when used for payments, permanently removing SHIB tokens from circulating and driving Shiba Inu scarcity.
First announced via Shiba Inu’s burn tracker Twitter account via a three-second announcement video, the new orange Shiba Inu Visa card will allow users to “make payments (and) burn SHIB.”
Shibburn is going in a new direction. #shib #shibarium pic.twitter.com/IzcQMtvs6P— Shibburn (@shibburn) July 24, 2022
Shiba Inu Burn Rate Increases by 200 Percent
News of the new Shiba Inu Visa catalyzed an almost immediate 200 percent rally in the rate at which SHIB tokens are burned. While details of the new card offering are scarce, news of Shiba Inu’s new crypto card follows the April launch of a new burning mechanism on the Shiba Inu-launched ShibSwap exchange.
ShibSwap, as Shiba Inu’s own decentralized cryptocurrency exchange, provides Shiba Inu owners with the ability to burn tokens and earn ongoing rewards through the Shiba Inu burn portal. SHIB tokens burned through ShibSwap provide users with incentives via “BurntSHIB” tokens, which offer additional rewards through Ryoshi tokens.
Ryoshi Vision, an Ethereum-based decentralized finance (DeFi) project, partnered with Shiba Inu in order to incentivize the burn of SHIB, offering holders that burn RYOSHI tokens and a share in 0.49 percent of all transactions fees.
Shiba Inu Community Frustrated by Delayed Burn Rewards
The distribution of rewards via the new burn mechanism, however, has been delayed, with Shiba Inu publishing statements via the Shiba Inu blog noting under-performing fluidity in reward issuance
“The significance of this portal for the community is extremely meaningful, the delivery of such utility while allocating rewards even more-so. What is apparent is the continued failure to deliver such workflows precisely based on the platform’s promise.”
The rapid expansion of the Shiba Inu ecosystem, including the launch of the Shiba Inu burn portal and Visa card, follows the announcement of the upcoming Shiba Metaverse and a SHIBA stablecoin.