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

The cryptocurrency Shiba Inu (SHIB) now has its own coffee company, which allows customers to purchase SHIB-branded coffee while burning the Shiba Inu. The company sells a wide variety of coffees at a starting price of $16.99 (approximately Rs 1,264).

The company says that for every bag of coffee sold, at least 10 percent of the company’s profits are directed toward Kindle SHIB. Coin burning refers to the act of sending cryptocurrency tokens to a wallet that has lost its access key. Just imagine that the coin is dumped in an empty room and the key is lost forever.

What it does- It reduces the total number of tokens in circulation, makes tokens scarce and increases the value of the cryptocurrency. It is worth noting that the continuous burning of the coin keeps the price stable in the short term and appreciates in the long term.

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

He also explained about the benefits of selling physical products to promote SHIB. “The digital community that SHIB has created with the physical world is the key to making a lasting impact and movement,” he stressed. “When people can touch and smell something, they can really feel that it’s not 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 their website.

Meanwhile, Connor praised the SHIB community and its other fiery 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 that other businesses and people are working on ways to burnish the price of SHIB shows just how strong the SHIB community really is,” he said.

Additionally, the company’s website reveals that it will list all future burn transactions each month. Meanwhile, about 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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