NOWPayments Burns 43 Million SHIB In Support Of Shiba Inu Community

Shiba Inu Coin (SHIB) logo next to a NOWPayments logo on a dark grey background.

Shiba Inu Coin (SHIB) logo next to a NOWPayments logo on a dark grey background.

Crypto payment gateway NOWPayments has completed its first Shiba Inu burn following its adoption, sending 43,445,695 SHIB to the dead wallet.

Initially meant to burn 3% of profits from SHIB and LEASH transactions, NOWPayments opted instead to burn $2059 in SHIB.

Shiba Inu burning remains a popular community activity among the ShibArmy. Record label Bigger Entertainment launched its SHIB Burner playlist last month. This was followed by burns from mobile games and coffee companies, for example.

SHIB Burning From Profits

The $2059 burned by NOWPayments is mostly from the company's own funds, rather than from SHIB payments. If it had burned 3% of its SHIB profits, NOWPayments would have spent just $12. The company increased the total burn beyond these profits to "stay true to the SHIB ecosystem principles," it told Planet Crypto

As for the $12 profits, NOWPayments said: "This figure will rise with new upcoming burns - as more merchants sign up, and the ETH fees go down."

It also said that when the Shibarium Layer-2 goes live - expected to reduce fees - the total burnt will increase.

The next NOWPayments burn will come in December, the company tweeted.

To spark further interest in SHIB adoption from merchants, NOWPayments is also preparing a SHIB Merchant directory that will list all the places that accept Shiba Inu. The company will also add optional burn features for merchants.

In mid-November, NOWPayments explained to Planet Crypto why it decided to accept Shiba Inu. "We share a global mission with the SHIB foundation, which is to bring cryptocurrencies into the world around us—mass adoption," it said.

Further payment providers are now gearing up to accept Shiba Inu payments. BitPay will allow AMC and Newegg to accept online SHIB payments in the coming months.

Read More: What Is The Shiba Inu Doggy DAO?

[Image: NOWPayments]

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