Shiba Inu’s team announced the coming of the new SHIB Burn Visa card on July 25, which burns SHIB while making payments.
The announcement was made through Shiba Inu’s burn tracker Twitter account, @shibburn. The three-second announcement video only showed an orange-colored Visa card with SB initials, with the slogan “Make Payments, Burn SHIB.”
Shibburn is going in a new direction. #shib #shibarium pic.twitter.com/IzcQMtvs6P
— Shibburn (@shibburn) July 24, 2022
In April 2022, Shiba Inu and Ryoshi Vision collaborated to create the Shiba Inu burn portal. The portal is aimed at motivating SHIB holders to burn tokens. The burners are supposed to gain RYOSHI tokens and 0.49% of all transactions in return.
However, reward distribution has been extremely slow. Even though SHIB holders burned around $110 million worth of SHIB only in 24 hours, they have been getting impatient with the reward RYOSHIs.
The frustration has been noticed by the Shiba Inu team as well. The team posted on Shiba’s official blog and said:
“What is apparent is the continued failure to deliver such workflows precisely based on the platform’s promise. The fluidity of rewards is under-performing.”
The Shiba team also added that they have reached out to Ryoshi Vision about the lagging, saying:
“The shape of our community’s confidence is of utmost importance to the team.”
However, no changes were made to the reward distribution process. The new SHIB Visa aims to improve the burn process without being tied to the Ryoshi team.
Shiba Inu’s future
A recent survey by Finders.com found that 73% of the participants see the end of Shiba Inu by 2030, while 30% think the coin won’t make it by the year-end. Prominent names argue that the current bear market will get rid of “joke-type” coins and open room for “real innovation.”
As a response to this, Shiba Inu has been making serious changes to itself. In addition to the new burn mechanism, the most recent changes include the Shiba metaverse and stablecoin.
The Shiba team has announced the upcoming Shiba Metverse in February 2022, saying that they have been monitoring the growth of the metaverse and believe in its future.
The team said they have been exploring various ideas, including establishing partnerships with metaverse giants like the Sandbox and Decentraland. However, it is certain that the Shiba metaverse will be a dog-themed reality, with purchasable lands and Shiba NFTs.
SHIBA stablecoin was announced on May 12, 2022, without specifying a date for the launch. However, the team said that the ultimate goal for SHIB is to become a “global stable currency that plebs across all countries.”
According to the team, SHIB will have a stable price in the end, so it can be used both as a store of value and a method of payment.
Posted In: Adoption, Memecoins
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