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Some time ago, the Shiba Inu team announced a collaborative project with Ryoshi Vision (RYOSHI) – the SHIB Burn portal. And now, cryptocurrency Shiba Inu has announced a new Visa card that will burn SHIB tokens when a payment is made via the card. The joint effort that was intended as a way of motivating the SHIB Army is making huge progress. Despite Ryoshi Vision being as slow as a tortoise, the Shiba Inu community has put an impressive US$110 million worth of SHIB coins to the torch in the last 24 hours alone. Burning in crypto means permanently removing tokens from circulation by sending them to a dead address or a crypto wallet from which they cannot be retrieved. It is beneficial to investors because a scarce crypto asset is preferred over one with an unlimited supply or high inflation rates. However, fixed or reduced supply does not always imply increased value, so the outcome of the burning portal remains to be seen.
The announcement was made through Shiba Inu's burn tracker Twitter account. The company posted a three-second video that showed an orange-colored Visa card with SB initials, with the slogan "Make Payments, Burn SHIB." Further details about where the card can be used are awaited.
In the past 24 hours, there have been a total of 110,289,311 $SHIB tokens burned and 16 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) July 25, 2022
There is a controversy regarding Shiba Inu about whether the meme coin will hit US$1 in the nearby future. SHIB is one of the top meme coins that have the attention of Ethereum whales to gain 11% as well as 24% in July 2022. The rise in the cryptocurrency price is bullish with barely a few neutral signs with an upward trajectory. Ethereum whales are adding SHIB tokens to their portfolios worth more than US$560 million— 22% of the total digital assets.
The cryptocurrency is performing well for SHIB investors for its major upcoming developmental projects. These development projects with the SHIB burn strategy are favoring the meme coin to be one of the favorite cryptocurrencies in the highly volatile crypto market. SHIB investors must expect Shibarium, the Layer-2, SHIB.io metaverse, SHI token, SHIBASWAP V2, and many more. The Shiba Inu management has launched the burning portal to reward the investors. It has successfully increased the meme coin price by creating pressure on the demand and supply of SHIB tokens. The total burnt from the initial supply is 410,374,396,897,090 or 410.37 trillion and the total supply is 589,625,603,102,909 in the cryptocurrency market.
Shiba Inu has announced the partnership with a visualization company as a long-term collaborator with Marvel known as The Third Floor. It will help to create and develop virtual environments and landmarks for the metaverse of Shiba Inu. There will be a rise in the meme coin price after the launch of these development projects in the cryptocurrency market. It creates a positive impact on the demand for the SHIB token to accelerate the rate of increase in the price for a short period. Now is the golden hour to invest in Shiba Inu to drive profit in the nearby 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.
