NOWPayments, the non-custodial digital payments tool, is adding a feature allowing merchants to burn out Shiba Inu tokens. The Amsterdam-based company mentioned that it is going to burn about 3% of the total relationship in the top canine coins community.
In crypto, burning means the sending process of SHIB tokens at an unusable address, allowing removing them from the circulation for eternity. The entire process is compared with the buybacks of the stock. This is done by decreasing the overall supply of crypto coins and also demand increase.
As per the data, the overall supply of the SHIBs circulation has decreased from one quadrillion tokens initially, to a value of $549 trillion.
In the month of May, Vitalik Buterin, the co-founder of ETH, burned around 410 trillion SHIB tokens representing 90% of the total gift. These gifted tokens were received right from Ryoshi, who is also the founder of the crypto Shiba Inu.
The new community of Shiba Inu is taking care of things by destroying 545 million Shiba tokens and pushing the deflation to new heights.
Despite this regular burning of tokens and the increasing acceptance of merchants, Shiba Inu is quite low by 60% compared to October. The exercise of burning the crypto coin helps in removing the overall floating of free coins circulating throughout the market. In the process of burning coins, a bunch of coins is floated to an inactive crypto address or the wallet to avoid making them come back to the public eye.
The creation of Shiba Inu happened in the form of a joke to compete against DOGE and was introduced by Ryoshi. Proponents of the coin want to increase the price of the best-performing cryptocurrency of the year by lowering supply and raising the demand through burning.