Altcoin
Shiba Inu Coin Joins Bitcoin & ETH For Crypto.com Visa Card Funding
Shiba Inu Coin (SHIB) has achieved another milestone in its quest for mainstream adoption, as highlighted by the popular SHIB community member Ragnar Shib. Notably, Crypto.com has announced that SHIB can now be used to fund its popular Visa card, joining other prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
This development has generated excitement among the Shiba Inu community, as it enhances SHIB’s utility and broadens its acceptance in the financial ecosystem.
Shiba Inu Coin Hits New Milestone
Crypto.com, a leading crypto exchange, has expanded its Visa card funding options to include Shiba Inu Coin. This decision allows SHIB holders to use their tokens for everyday transactions through the Crypto.com Visa card, marking a significant step in SHIB’s journey from meme coin to practical cryptocurrency.
Notably, the announcement was warmly received by the SHIB community. Ragnar SHIB, a well-known member, expressed enthusiasm, noting that this move underscores SHIB’s growing value.
Meanwhile, the news was shared on The SHIB Daily, a platform dedicated to Shiba Inu updates. According to the report, Crypto.com informed its users via email that over 100 top cryptocurrencies, including SHIB, BTC, and ETH, are now accepted for Visa card funding.
The report highlighted an email that reads:
We are pleased to inform you that you can now fund your Crypto.com Visa Card with over 100 top cryptocurrencies across all jurisdictions. These include BTC and ETH, along with meme coins like SHIB….
A long-time Shiba Inu supporter, known as @Sand_ShibArmy, remarked that this development is a recognition of SHIB’s significance to Crypto.com. In addition, he also highlighted how this makes spending SHIB in daily life more convenient for card users.
Also Read: Community Revolts As Top Analyst Labels Memecoin Investments Gambling
Implications Amid Price Dip
For Shiba Inu holders, the inclusion of SHIB for Visa card funding brings several advantages. It provides a practical application for their tokens, allowing for everyday use beyond speculative trading. Notably, this increased utility could drive higher demand for SHIB as more people recognize its real-world applications.
Meanwhile, the acceptance of SHIB on a major platform like Crypto.com also boosts investor confidence, signaling institutional recognition of the meme coin. This could attract new investors looking for cryptocurrencies with tangible use cases.
Moreover, this development aligns with Shiba Inu’s broader goals of expanding its ecosystem and enhancing the token’s functionality. By integrating SHIB into practical applications, Crypto.com has contributed to SHIB’s transformation from a meme coin to a more widely recognized and utilized cryptocurrency.
However, it’s worth noting that the Shib Daily said that it has reached out to Crypto.com to verify the authenticity of the update. Despite the recent positive update, SHIB price has witnessed a sharp decline today falling over 11%. Notably, the slump comes amid a broader crypto market downturn.
In addition, the SHIB trading volume skyrocketed 124% to $598.2 million. According to CoinGlass data, the Shiba Inu Futures Open Interest fell 44% to $39.39 million during writing.
However, despite that, the Shiba Inu burn rate continued to surge significantly, indicating the community’s active approach towards reducing the supply. The token burns usually help in reducing the overall supply, while potential bumping up the prices of the coins.
Also Read:
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: