The Shiba Coffee Company is now burning Shiba Inu (CRYPTO: SHIB) for every Shiba-branded coffee sold, permanently decreasing the circulating supply of the coin.
What Happened: The Shiba Coffee Company spends 10% of its profits to acquire and burn — permanently destroy — Shiba Inu tokens, a representative of the firm said in an interview with Planet Crypto. Since the company just launched earlier this month it has yet to perform its first burn, but it promises to post future burn transactions which are expected to take place every month.
See Also: SHIBA INU PRICE PREDICTION
The report follows AMC Entertainment Holdings Inc. (NYSE:AMC) CEO Adam Aron recently saying he asked a payment service provider to support Shiba Inu to allow the firm to accept the memecoin for online payments.
Also, calling Shiba Inu a memecoin just became controversial after its community started rejecting the term as a way to describe the token, highlighting it now has “real utility” after the deployment of its decentralized exchange (DEX) and non-fungible token (NFT) marketplace.
SHIB Price Action: As of press time, Shiba Inu is trading at $0.00004954 after seeing its price decrease by about 0.35% over the last 24 hours according to CoinMarketCap.
