- Popular American platform Crypto.com enables SHIB for everyday purchases.
- PEPE, SHIB, FLOKI, and WIF all flopped double-digits in this week’s bear takeover.
- Analysts discuss altcoin dispersion, but SHIB might have an edge over rivals.
Crypto.com, the 15th largest cryptocurrency exchange, has extended support for Shiba Inu (SHIB). From now on, Crypto.com’s Visa cardholders will be able to pay in-shop and online with SHIB, as well as three other popular meme coins: Pepe (PEPE), Floki (FLOKI), and Dogwifhat (WIF).
In total, Crypto.com’s Visa card now supports over 100 popular cryptocurrencies. The American crypto exchange reminded its audience that the ability to fund Visa cards with their preferred crypto currencies is equally available across all supported jurisdictions. Currently, Crypto.com’s Visa cards can be issued for customers residing in the United States, European Union, and the United Kingdom.
Here’s How to Top Up Your VISA with SHIB
Crypto aficionados can easily top up their Crypto.Com Visa card balances by following five simple steps. First, customers must head to the Visa card page in-app or on a computer via Crypto.com’s website. Second, clicking the ‘Top Up’ button will prompt a new window where customers can select their preferred cryptocurrencies.
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After choosing SHIB, the top-up amount needs to be specified before pressing the ‘Confirm’ button. After the transaction is complete, the SHIB lands on the card and is instantly available for use in all shops, restaurants, and supermarkets that accept Visa.
SHIB Gearing Up for a Strong Comeback?
As Shiba Inu failed to elude the crypto bears in this week’s double-digit crypto pullback, crypto analysts are looking for the reasons behind this plunge. Though consecutive negative net flows from Bitcoin exchange-traded funds (ETFs) seem to be an obvious one, several technical analysts pointed out the issue of “altcoin dispersion.”
In traditional finance terms, the altcoin dispersion, described by crypto analyst Miles Deutscher in an elaborate thread on X, is crypto’s equivalent of inflation. However, the bright side of the current crypto market dynamics underlies the Market Value to Realized Value (MVRV) metric.
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As identified by the blockchain intelligence company Santiment, a low 30-day MVRV metric substantially increases the chances of a short-term northward bounce. Calculating these stats for the large market cap altcoin, Santiment singled out Shiba Inu as having the lowest MVRV from the list, recorded at -19.1%.
As of press time, SHIB is changing hands at $0.00001859, slightly bouncing back by 0.6% over the past 24 hours. However, SHIB had a three-day hiatus from the crucial support levels of $0.00002 despite the real-time combined liquidity book showing a waning sell pressure on Spot markets.
On the Flipside
- Several crypto aficionados on X have pointed out that Crypto.com’s Visa card lacks some functionality compared to certain competitors.
- For instance, rival Nexo’s crypto card has a dual mode, making it easy to switch between credit and debit cards, without the need to sell SHIB to fund the Mastercard.
Why This Matters
The move to incorporate SHIB for everyday payments signifies a milestone in the coin’s adoption. It allows SHIB custodians to pay with their digital assets in a convenient way.
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