For every bag of coffee sold, Shiba Coffee Company burns SHIB tokens
For every bag of coffee sold, Shiba Coffee Company burns SHIB tokens.
Shiba Inu's (SHIB) mainstream popularity has soared in recent weeks, and the crypto coin's strong community has responded with a one-time token-burning mechanism that invites coffee lovers from all over the world to show their support. The Shiba Coffee Company, which opened earlier this month, sells a variety of SHIB-branded coffee for $16.99. Customers can, of course, pay for their coffee in SHIB, with 10% of the company's profits going toward SHIB burning.
The Shiba Inu community, also known as the ShibArmy, has a number of community-driven token burning projects, and the Shiba Coffee Company is the latest to join the fray. The SHIB Burner playlist and the Bricks Buster mobile game are two examples. These projects, on the other hand, exist only in the digital realm. The Shiba Coffee Company, on the other hand, wants to remind people of their "favorite local coffee roaster" and link Shiba Inu's digital world to a physical product.
A company spokesperson said, "Bridging the digital community that SHIB has created with the physical world is key to making a lasting impact and movement." "When people can touch and smell something, they know it's not just something they read about online."
Coin burning is the process of transferring cryptocurrency tokens to a wallet with no access key, thereby removing them from circulation. This reduces the total number of tokens in circulation, making tokens scarce and increasing the value of the cryptocurrency.
The spokesperson goes on to praise the ShibArmy community's firefighting efforts, saying it demonstrates "how strong the SHIB community is." The Shiba Burn Party, which destroyed 1 billion Shiba Inu tokens (worth $46,280) or 0.0000018 percent of the circulating supply, was the most recent burn event hosted by the larger ShibArmy.
The Shiba Coffee Company's website includes the names of companies that contribute to the burning of SHIB, in addition to marketing its coffee. Several businesses have already pledged to donate a portion of their profits to the token burn. Bigger Entertainment and The Vibe Maquillage, for example, will burn 20% of royalties and 15% of total sales in SHIB, respectively.
The company has yet to complete any planned burn events due to its recent launch, but it does plan to host a burn event once a month, the details of which will be shared on its website.