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Wednesday, December 01, 2021

Do you know? Shiba Inu coffee company is burning SHIB tokens for every bag of coffee it sells

Continuous coin burning keeps a cryptocurrency's value steady in the short run and results in value appreciation over the long term.

By: Tech Desk | Pune |
Updated: November 19, 2021 5:24:23 pm
Shiba inu, a meme inspired cryptocurrency and a Dogecoin spinoff, has hit an all time high. (Photo: Twitter/ Shiba Inu)

Cryptocurrency Shiba Inu (SHIB) now has its own coffee company, that allows customers to buy SHIB-branded coffee while also burning Shiba Inu. The company sells a variety of coffee at a starting price of $16.99 (roughly Rs. 1,264).

The company says that for every bag of coffee sold, at least 10 percent of the company’s profits are directed towards SHIB burning. Coin burning refers to the act of sending cryptocurrency tokens to a wallet that has lost its access key. Just think about it as dumping the coins in an empty room and the key has been permanently lost.

What this does is that— it reduces the overall number of tokens in circulation, making tokens scarce and boosting the value of cryptocurrency. It is worth noting that continuous burning of coin keeps the value steady in the short run and appreciates it over the long period.

“Coffee is something that can speak to everyone from every walk of life, just like SHIB,” a company spokesperson told Planet Crypto in an interview. “Coffee is the perfect product to represent Shiba Inu,” he added .

He also spoke about the advantages of selling a physical product for promoting SHIB. “Bridging the digital community that SHIB has created with the physical world is key to making a lasting impact and movement,” he asserted. “When people can touch and smell something, they can really feel that this isn’t just something online.”

Interestingly, there are 836,588 holders of the SHIB  token. The team behind SHIB has locked around 50 percent of the total token supply on Uniswap, according to its website.

Meanwhile, Connor praised the SHIB community and its other burning efforts, including the recent Shiba Burn Party, where 1 billion SHIB tokens worth 0.0000018 percent of the total circulating supply were destroyed. “The fact the other businesses and people are working on ways to increase the price of SHIB through burns just goes to show how strong the SHIB community really is,” he noted.

Additionally, the company website reveals that it will list all the future burn transactions every month. Meanwhile, almost 70.52 percent of SHIB’s circulation is controlled by eight whale accounts, of which, one whale holds 41.03 percent.

Disclaimer: Cryptocurrency is an unregulated space and digital currencies are not backed by any sovereign authority. Investing in cryptocurrency comes with market risks. This article does not claim to provide any kind of financial advice for trading or buying cryptocurrency.

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