NOWPayments will make it easier for traders to engrave SHIB tokens
Non-custodial crypto payments processor NOWPayments will add an optional feature that will allow merchants to burn Shiba Inu (SHIB) tokens.
The Amsterdam-based company says it will burn off 3% of its “relationshib” with the best dog coin community.
Burning refers to the process of sending SHIB tokens to an unusable address to make sure that they will be removed from circulating for eternity. The process can be compared to stock buybacks. By decreasing the cryptocurrency’s supply and increasing demand, the cryptocurrency’s proponents want to boost the price of the best-performing cryptocurrency of the year.
SHIB’s total circulating supply has grown from the original 1 quadrillion tokens to 549 billion tokens, according to data provided by CoinGecko.
In May, Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB tokens, which represented 90% of the “gift” he received from Ryoshi, the pseudonymous founder of the Shiba Inu cryptocurrency. The Russian-Canadian programmer also asked token creators not to send him any tokens in the future without his consent.
The Shiba Inu community is now taking matters into their own hands, shattering a record 545 million last week and pushing deflation into high gear.
Despite continuous token burns and growing merchant acceptance, Shiba Inu is still down more than 60% from its record high that was registered in late October.
BitPay, the world’s largest crypto payment service, integrated support for Shiba Inu earlier this month.
