Shiba Inu (SHIB) Burn Feature for Merchants Launched by Crypto Payment Gateway

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Alex Dovbnya

NOWPayments added a burn feature for Shiba Inu (SHIB) and Doge Killer (LEASH), potentially making these cryptocurrencies scarcer

NOWpayments, a non-custodial crypto payment processor, has introduced a new feature that allows merchants to burn a portion of the profits they receive in Shiba Inu (SHIB) or Doge Killer (LEASH).

Traders just need to choose the percentage markup for burning tokens. NOWpayments automatically calculates the specific amount of SHIB or LEASH to send to a dead wallet.

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There is also an option to add a widget for receiving donations in the aforementioned tokens.

While Shiba Inu price growth has stalled, it continues to gain momentum among traders. Cinema giant AMC Theaters is the most recent addition to the list of merchants supporting the second largest meme coin.

As reported by U.Today, the Amsterdam-based company initially teased the feature in late December.

Burning refers to the process of permanently removing a certain number of tokens from circulation. Just as companies buy back their shares, some cryptocurrency projects destroy tokens to make the remaining tokens more valuable. By making the token more scarce, the proponents of Shiba Inu want to make the token more scarce.

According to data from CoinMarketCap, the circulating supply of Shiba Inu currently stands at 549 trillion tokens.

Not everyone is a fan of token burning. As reported by U.Today, Cardano creator Charles Hoskinson has repeatedly denied that the project had a symbolic fire mechanism, lashing out at critics.

In its blog post, NowPaymemts claims that the recent move is believed to give “more visibility” to SHIB merchants.

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