SHIB and LEASH are currently two of the top dogecoins in the cryptocurrency market, and more merchants are curious to see its value increase over time.
For this reason, NOWPayments, a non-custodial crypto payment gateway, has announced the option burn for traders. As a result, merchants can now let go of their SHIB and LEASH profit by choosing which part of the profit they want to burn.
The payment platform announced this new update on their official Twitter page:
A Major Development for SHIB
NOWPayments revealed in a blog post that it had partnered with the Shiba Inu community to deploy this latest mechanism on its platform. Consequently, merchants will be able to turn on the optional burn feature and also access existing tools to accept SHIB and LEASH on their platforms.
This development comes after the recent burning of SHIB tokens by the community. According to available data, about 410.30 trillion SHIB have been burned since the launch of cryptocurrency.
Following the popular theory of demand and supply, the currency loses its value when there’s a lot of money in circulation. Therefore, by reducing the supply of coins in circulation, traders boost their assets’ value. Because the cryptocurrency space is a free market system, the demand and supply control the price. So, when there is scarcity, the demand and price increase.
SHIB and LEASH burning is a process that involves transferring an amount of cryptocurrency to an address that cannot be accessed or used by anyone. This procedure ensures that the burnt crypto is out of the coin circulation.
So far the response from the Shiba community has been great and the development from NOWPayments is a major plus for the meme coin.