KEY POINTS

  • A total of 1,633,542,121 SHIB were burned between March 14 and 21
  • 1,021,292,580 SHIB tokens were burned Wednesday
  • Shiba Inu was trading down 2.60% at $0.00002321 1:21 a.m. ET

Shiba Inu's pseudonymous lead developer Shytoshi Kusama has revealed what he calls a "powerful piece of the puzzle" in the growing ecosystem of the dog meme coin in a recent feature enhancement by one of its partners.

The official Twitter handle of Shiba Inu announced that NowPayments, a cryptocurrency payment gateway, has released a new feature enhancement that provides an option for users to burn their SHIB and LEASH on the platform.

Kusama retweeted this and dropped an interesting comment about the announcement. "This is a huge advancement for all of the merchants that currently (and in the future will) accept #SHIB for payment. Another powerful piece of a puzzle being woven showcasing the ongoing utility of the best crypto in the world," they said.

Shiba
SHIB is the main currency in the ecosystem Shiba Token - Twitter

The feature enhancement makes it easier for users to burn SHIB and LEASH. In its announcement, NowPayments said: "And here comes the $SHIB and $LEASH burning. We are burning 3% of our profit. We believe in #SHIBlosophy & #massadoption. We are truly happy to be a part of this movement now. We hope our relationSHIB with #Shibarmy will grow stronger in 2022."

The process is easy. Merchants only need to select the percentage markup for burning SHIB and LEASH and NowPayments will automatically calculate the amount of SHIB or LEASH and will send it to a dead wallet.

The platform also introduced a new option to add a widget for receiving donations for the Shiba Inu meme coin. In cryptocurrency, burning is the process of sending cryptocurrencies or tokens to an unusable address to remove them from circulation.

It is comparable to stock buybacks. By burning circulating supply and increasing the demand for a particular digital asset, crypto investors aim to boost its price.

A total of 1,633,542,121 SHIB were burned between March 14 and 21, according to Kusama. The Shiba Inu community has been taking matters into its own hands in helping boost the price of the dog-theme token. It was reported Wednesday that 1,021,292,580 $SHIB tokens were burned in a 24-hour period. Shib has a total supply of 589,735,030,408,323 tokens.

Shiba Inu was trading down 2.60% at $0.00002321 with a 24-hour volume of $848,611,925 as of 1:21 a.m. ET on March 23, as per CoinMarketCap's data.

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