Shiba Inu utility explodes as SHIB joins ranks of tokens supported by Binance Card

Binance added Shiba Inu to the list of supported tokens for the Binance Card issued in Europe.
Shiba Inu tokens can be used to pay over 60 million merchants worldwide, alongside other benefits for Binance Card holders.
Analysts at FXStreet have identified how to trade Shiba Inu profitably.

Ekta Mourya FXStreet

Binance Card announced support for Shiba Inu, allowing its Visa Card users to spend SHIB at 60 million merchant outlets worldwide. Shiba Inu’s addition to Binance Card boosts the meme coin’s utility and drives its adoption in Europe.

Also read: Will meme coins Shiba Inu, Dogecoin make comeback after steep decline?

Binance Card announces support for Shiba Inu

Binance’s Visa Card allows European residents to convert and spend crypto across 60 million online and physical stores. The card added support for Shiba Inu, boosting the utility of the SHIB token.

Binance’s Visa Card holders can use the card anywhere they see the Visa logo. The card can be used for online payments or added to Google Pay and Samsung Pay. The card enables real-time crypto conversion to EUR and is spent directly from the funding wallet. Therefore, Binance Card holders with SHIB tokens can spend Shiba Inu tokens across 60 million merchant outlets without additional steps like conversion and transfer.

Several crypto influencers have reviewed the Binance Visa Card and believe it is the ultimate crypto card with no issuing, sign up or annual fees. This is a driver for the adoption of the card among European residents.

We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.

You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!https://t.co/0Xj7IXPyt0 pic.twitter.com/FqINtnHFWx
— Shib (@Shibtoken) August 5, 2022

Another bullish trigger for Shiba Inu price is the burn of 27.6 million SHIB tokens.

27.6 million Shiba Inu tokens were burned overnight

Shiba Inu’s burn continues, acting as a trigger for bullish sentiment among SHIB holders. Based on data from the Shibburn portal, 27.6 million Shiba Inu tokens have been burned in 25 transactions. These Shiba Inu tokens were pulled out of the meme coin’s circulating supply and sent to deal wallets.

In the past 24 hours, there have been a total of 27,608,278 $SHIB tokens burned and 25 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 5, 2022

Analysts at FXStreet reveal strategy to trade Shiba Inu profitably

Analysts at FXStreet evaluated the Shiba Inu price trend and identified a profitable trade from shorting the meme coin. Analysts offer traders insights and list important price levels to watch in Shiba Inu’s trend for a profitable trade. For more information, check the video below:

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.