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. 

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. 

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. 

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:

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP