thecoinrepublic.com
Initiative of Shiba Inu still involves their main objective of SHIB Burn.
Recent downfall of the crypto market has put many people under deep thoughts about the future of cryptocurrencies. Memecoins were among the most targeted crypto assets, for obvious reasons. Many crypto followers do not find any utility of memecoins like Dogecoin, Shiba Inu, etc. Yet, the initiatives of meme cryptocurrencies were proving their worth. Shiba Inu is also seeking its way towards exploring its potential.
Like on 25th July, the developers team behind Shiba Inu token, made an announcement through @shibburn—about launching SHIB Burn Visa card. This card, as the team boasted, will let SHIB tokens burn alongside making payments. The Twitter account of Shiba Inu burn tracker showed only a three second video. However, it was enough to tease ‘SB’ written on a Visa card with orange texture. It also quoted, make payments, burn SHIB.
The obsession of Shiba Inu towards burning SHIB tokens is somewhat relatively new. Since SHIB had a humongous supply of tokens, initially which was about 549 trillion. The Shiba Inu community later decided to reduce this supply of meme tokens and whole-heartedly initiated the burning of SHIB tokens.
In April, 2022, Shiba Inu burn portal came into existence after collective efforts of Shiba Inu and Ryoshi Vision. The portal also had the responsibility to make more SHIB holders turn towards burning their tokens. They even launched rewards on every burn, where burners would receive 0.49% of overall transactions and RHYOSHI tokens.
Despite the slow allotment of burning rewards, SHIB community members were highly motivated towards burning. So much so, there was an instance when in just a short span of 24 hours, they burnt SHIB tokens worth approx $110 million.
Shiba Inu seems serious towards their goal and taking every possible measure. Yet there are different notions about meme cryptocurrencies, including Shiba Inu. Recently it was reported in a survey that the majority of people think that Shiba Inu will be gone by the end of this decade. Meanwhile, a significant number of participants in the survey think that it will hardly survive by the end of 2022.