Shiba Inu Burn Rate Spikes 182% After Card-Shaped Cold Wallets Announced

Tangem, a Swiss-based crypto wallet company, is developing unique cold wallets specifically designed for the Shiba Inu (CRYPTO: SHIB) meme coin.

What Happened: The Shiba Inu team confirmed in an official tweet that pre-orders for these card-shaped wallets would be available from May 29.

According to Tangem’s official website, the SHIB Wallet will support over 6,000 cryptocurrencies, as well as various decentralized finance (DeFi) applications, including decentralized exchanges, crypto lending services, and non-fungible tokens. 

No personal identifying information is required to use the wallet, and there are no associated fees.

In addition to supporting the SHIB token, the Tangem SHIB wallet will also support LEASH and BONE tokens within the SHIB ecosystem.

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Why It Matters: Following the news, SHIB burn rate spiked by 182% from the last day. Over 5 million SHIB were burned in the last 24 hours.

Price Action: At the time of writing, SHIB was trading at $0.000008684, down 0.98% in the last 24 hours, according to Benzinga Pro.

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