Recently, Shiba Inu launched the SHIB Burn Visa card. The card was released on July 25 as a new tool for making payments. Through the collaboration of Ryoshi Vision and Shiba Inu, they created the Shiba Inu burn portal. The aim of this portal is to encourage Shib holders to burn tokens and in return gain Ryoshi tokens.
However, many Shib holders and even the Shiba Inu team noticed the slow distribution of rewards. Burning Shib can be done in a short time, but holders became impatient waiting for the Ryoshi reward. According to the team, the slow distribution was the result of the under-performing fluidity of the rewards contrary to the platform’s promise. Both parties agreed to improve the process of distributing the rewards.
Since the launching of the Shib Burn Visa card, a total of 16 transactions and $110,289,311 Shib tokens were burned.
The Shib burn strategy is one of the development projects favoring this meme coin. Other projects that SHIB investors must expect are the Shibarium, SHIB.io metaverse, the Layer-2, SHIBASWAP V2, Shi token, and many more.
Because of the burning strategy the demand and supply for Shib tokens increase as well as the price. The total burnt supply is almost 410.37 trillion from the total supply in the market of 589,625,603,102,909.
Another project of Shiba Inu is the collaboration with Marvel. The project is known as “The Third Floor,” designed to develop the landmarks and virtual environments for the Shiba Inu metaverse. It is expected that the price of Inu would increase once this development project is launched. Thus, now is the best time to put your money in Shiba Inu and drive profit in the future.
Despite the surging development projects of Shiba Inu, experts recommend thorough planning before making your investment. Initially, SHIB had surpassed Tron (TRX) and Polygon (MATIC), but has reversed its motion. Because of the decrease in price, SHIB has ranked 15th considering market cap.
Sentiment data revealed that notable changes were seen in the SHIB ecosystem. The active withdrawals had decreased despite the profits made by traders. The whale activity affected the downstream of SHIB according to reports.
The supply became stagnant and investors must study the bullish or bearish target. Reviewing the possible price movement is a must for those investing in SHIB. TradingView had shown results of the Moving Average Convergence Divergence indicating the struggles of both the sellers and buyers.